Type
Merger/Acquisition
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65.1 - Insurance

275 jobs
Number of planned job losses
Job loss
Announcement Date
12 February 2019
Employment effect (start)
Foreseen end date

Description

Axa XL has announced plans to cut 275 jobs across the UK, as part of wider plans to cut 711 jobs across Europe following the acquisition of the Bermudan XL group in late 2018. The cuts are part of the business transforming into a single company. The timeframe for the job losses has not been reported. It is understood that there may be some internal redeployment of staff and there will be a voluntary redundancy scheme. The net result will be that 275 UK jobs will be lost.


Sources

Citation

Eurofound (2019), Axa XL, Merger/Acquisition in United Kingdom, factsheet number 97319, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/97319.