Allianz / LV

Type
Merger/Acquisition
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65.1 - Insurance
65.1 - Insurance
260 - 400 jobs
Number of planned job losses
Job loss
Announcement Date
31 January 2018
Employment effect (start)
Foreseen end date

Description

Under the new joint venture between insurers Allianz and LV it has been announced that up to 400 jobs will be lost. Around 260 jobs will be lost at LV with a further 140 jobs set to go at Allianz. The Allianz jobs will be cut mainly from the offices in Bristol and Guildford. The changes will also see the creation of around 120 new jobs; 60 jobs at Allianz in Maidstone and 60 jobs at LV in Croydon. The changes are set to begin in the third quarter of 2018 and end in early 2020.

Sources

  • 31 January 2018: Insurance Times
  • 31 January 2018: Insurance Age

Citation

Eurofound (2018), Allianz / LV, Merger/Acquisition in United Kingdom, factsheet number 93599, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93599.