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 65.20 - Reinsurance
900 jobs Number of planned job losses
Announcement Date
15 March 2018
Employment effect (start)
15 March 2018
Foreseen end date
15 September 2018
Description
The worldwide largest reinsurer Munich Re has announced it will cut 900 jobs over the course of 2018, as the company seeks to save €200 million, with the majority of the staff to be cut from the reinsurance business. The CEO of Munich Re, indicated in February that half of the cuts would fall in Germany (Munich Re, 2018), and half in the United States. He said that around one-third of its forecasted reinsurance profit growth by 2020 will be achieved through the announced job cuts. On the 900 job cuts, according to the CEO, "one half will be affected in the international organisations and the other half will be in the headquarters in Munich, one-quarter of which will be achieved by natural fluctuations and the use of part-time retirement schemes. The remaining will be from a voluntary personnel reduction program, which has been running for three weeks and will run for another six months.”
Eurofound (2018), Munich Re, Internal restructuring in World, factsheet number 94714, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94714.
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