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 65.1 - Insurance
900 - 1,200 jobs Number of planned job losses
Announcement Date
1 February 2016
Employment effect (start)
1 March 2016
Foreseen end date
1 March 2019
Description
The insurance company Vivat (formerly: Reaal) has announced it wil cut 900 to 1,200 jobs in the coming three years. According to its Chinese mother company Anbang, which took over Vivat in 2015, costs are 30% higher than competitor costs. In the past few months, Anbang has strengthened its control on Vivat by removing several members of the board and appointing more Chinese board members.
For De Unie union, the news came as a shock. According to De Unie, there will be a wave of restructuring among insurance companies in the near future, following a comparable wave among banks. De Unie stressed the importance of the relatively favourable social plan.
Sources
2 February 2016: Het Financieele Dagblad
1 February 2016: De Volkskrant
1 February 2016: nrc.nl
Citation
Eurofound (2016), Vivat, Merger/Acquisition in Netherlands, factsheet number 86801, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86801.
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