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 65.1 - Insurance
120 jobs Number of planned job losses
Announcement Date
4 November 2020
Employment effect (start)
4 November 2020
Foreseen end date
31 December 2020
Description
Generali, an Italian insurance company which owns the Portuguese firms Tranquilidade, Acoreana and Logo, has announced a redundancy process that will affect 10% of its workforce. This process will occour in two phases: a voluntary redundancies stage ending 10 November 2020, and a stage in which the company will instate a compulsory redundancies programme. The company justify the decision in order to eliminate the duplication of jobs resulting from the merger process resulting from the acquisition of Seguradoras Unidas.
Generali informs that the implementation model adopted maximises the social protection of the workers, specifically in the access to unemployment benefits. Those who are covered by the dismissal process will have access to health protection, maintenance of favorable conditions in personal insurance and the access to outplacement services to support reintegration into the labour market or, depending on the circumstances, in scheduling the transition to an active retirement situation.
At present, the company's workforce is 1,200 workers.
Eurofound (2020), Generali Seguros, Merger/Acquisition in Portugal, factsheet number 102417, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102417.
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