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
New offshoring locations
800 jobs Number of planned job losses
Announcement Date
9 March 2005
Employment effect (start)
Foreseen end date
Description
Around 1,700 jobs will be suppressed at the RAC and Norwich Union to help pay for the £1.1 billion takeover of the roadside recovery company by Norwich Union's parent group, Aviva. Aviva said yesterday it will strip £80 million in costs out of the RAC by cutting 900 back-office jobs and merging call centres with Norwich Union offices around Britain. It will shift another 800 jobs offshore, adding to Aviva's growing presence in India. In 2004, Aviva cut 5,000 jobs in the UK, reducing its workforce to 28,000.
Sources
10 March 2005: The Guardian
Citation
Eurofound (2005), Norwich Union, Offshoring/Delocalisation in United Kingdom, factsheet number 61248, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61248.
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