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
220 jobs Number of planned job losses
Announcement Date
13 May 2009
Employment effect (start)
Foreseen end date
Description
The Swiss insurer Baloise, which in May 2009 reported a 4.7% increase in profits in the first business quarter, intends to become one of the leading European insurance companies. To meet this objective, Baloise German subsidiaries Deutscher Ring Leben, Deutscher Ring Sach and Basler Versicherungen shall be merged. Management was merged in 2008, and Baloise will now also merge the distribution units. 230 out of 800 full-time jobs in Germany will be cut.
Sources
13 May 2009: Financial Times Deutschland
Citation
Eurofound (2009), Baloise, Merger/Acquisition in Germany, factsheet number 68889, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68889.
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