The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
12,000 jobs Number of planned job losses
Announcement Date
8 November 2002
Employment effect (start)
Foreseen end date
1 January 2004
Description
Royal & Sun Alliance, the struggling insurance company, is embarking in a desperate plan for survival that will see a dramatic shrinking of its business and a 12,000 cut in its 50,000 worldwide workforce by 2004. The insurer is taking this route to avoid a £1bn cash call on its shareholders, who were reluctant to plough more money into the company.
In January 2004, Royal & Sun Alliance's website mentions the figure of 38,000 employees worldwide.
Eurofound (2002), Royal & Sun Alliance, Internal restructuring in World, factsheet number 60228, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60228.
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