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
300 jobs Number of planned job losses
Announcement Date
17 August 2006
Employment effect (start)
17 August 2006
Foreseen end date
31 December 2007
Description
On 18 June 2006, ARAG, a German insurance company operating in Europe and the US, announced to cut 300 jobs in Germany till the end of 2008. 150 jobs will be lost at its head office in Düsseldorf within its legal protection affiliate called ARAG Rechtsschutz AG. Another 150 will be lost due to the closure of its 10 offices conducting claims settlement. The job losses are a reaction to the rising lawyers remunerations and a decreasing share in the market. The establishment wants to save 18 million Euro by its job reduction plans.
Sources
18 August 2006: Financial Times Deutschland
18 August 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), Arag, Internal restructuring in Germany, factsheet number 63932, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63932.
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