Round 2% of its US workforce to go
Liberty Mutual is about to chop round 850 jobs, or about 2% of its US workforce this month, making it the most recent insurer to announce layoffs in latest weeks.
In an announcement issued to Insurance coverage Enterprise, a Liberty Mutual spokesperson confirmed that the transfer was made “as a part of an organization transformation initiative.”
“We’ve got made the tough determination to eradicate roughly 850 positions, almost all within the US, throughout a number of features this month, lots of that are efficient by the tip of the yr,” the spokesperson mentioned. “Impacted staff will likely be eligible for severance and outplacement help and are inspired to use for different positions throughout the group.”
The newest spherical of layoffs at Liberty Mutual comes as a number of main US insurers make reductions to their headcount.
Organizational and management modifications at Liberty Mutual
Liberty Mutual additionally made a spherical of job cuts in July because it sought to restructure its enterprise, slashing 370 positions US-wide.
President and CEO Sweeney spoke about organizational and management modifications on the insurer throughout its second-quarter earnings name.
He mentioned the modifications have been geared toward “enhancing concentrate on long-term strategic markets, whereas higher leveraging scale benefits to drive goal profitability and sustainable success.”
Liberty Mutual Holdings reported a web lack of $585 million in Q2 2023, considerably increased than the $343 million web loss throughout the identical quarter in 2022.
Sweeney pointed to elevated disaster losses, particularly from widespread wind and hail occasions in Oklahoma, Texas, and Colorado.
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