General Reinsurance

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65.2 - Reinsurance
50 jobs
Number of planned job losses
Job loss
Announcement Date
22 May 2017
Employment effect (start)
22 May 2017
Foreseen end date

Description

On 22 May 2017, the reinsurance company General Reinsurance (Gen Re) announced to cut 50 out of its 440 positions in Germany. Gen Re wants to reduce its administrative costs, which currently make up 12% of the company’s income (customary administrative costs within the insurance sector are typically between 7% and 10 %). A social plan has already been negotiated. However, the company did not name any timeline for the redundancies.

Worldwide, Gen Re employ about 1,900 employees across more than 40 sites worldwide. Gen Re was founded in 1846 as Kölnische Rück and is the oldest reinsurance company in the world.

Sources

  • 22 May 2017: Süddeutsche Zeitung
  • 22 May 2017: Versicherungsmonitor

Citation

Eurofound (2017), General Reinsurance, Internal restructuring in Germany, factsheet number 91032, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91032.