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.
Zurich (Switzerland), London (the United Kingdom), Munich (Germany), Armonk and Kansas City (the United States of America)
Sector
Financial Services Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66.2 - Activities auxiliary to insurance and pension funding
2,000 jobs Number of planned job losses
Announcement Date
13 July 2006
Employment effect (start)
24 July 2006
Foreseen end date
31 December 2007
Description
Swiss Re is one of the world's leaders in reinsurance products and financial services. The company offers different financial services products: the company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management.
On 9 June 2006, Swiss Re completed the acquisition of GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company. The acquisition creates the world's largest and most diversified global reinsurer.
Swiss Re operates in more than 30 countries and has 11,500 employees in all the world. After the acquisition of GE Insurance Solutions, Swiss Re announced a reorganisation plan that envisages the merger of functions and teams of both companies, an overall reduction of office locations and staff reductions in a number of locations. In fact, the plan includes the loss of 2,000 jobs worldwide: in particular, the company's workforce should be reduced in Switzerland (Zurich), the United Kingdom (London), Germany (Munich) and the United States (Armonk e Kansas City).
In order to reduce the negative social impact of lay-offs, the company announced recourse to "social shock absorbers" for redundant workers, such as economic incentives for voluntary resignation, or retirement for those who are already eligible, and different measures (for instance, income support and retraining) to support the redundant personnel during spells of unemployment, with a view to find a new job.
Sources
14 July 2006: Il Sole 24 Ore
Citation
Eurofound (2006), Swiss Re, Merger/Acquisition in World, factsheet number 63779, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63779.
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