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 - Insurance, reinsurance and pension funding, except compulsory social security
New offshoring locations
2,350 jobs Number of planned job losses
Announcement Date
2 December 2003
Employment effect (start)
Foreseen end date
Description
Norwich Union, the biggest UK insurer, announced the transfer of 2,350 administrative jobs and IT jobs to India. 350 will be call centre jobs, the rest are support roles in administration, processing and IT. 80% of the cuts will be absorbed by current vacancies, staff turnover and voluntary redundancies. The rest (about 500 jobs)will be moved to other jobs, although the company said compulsory redundancies could not be ruled out.
Sources
2 December 2003: The Guardian
Citation
Eurofound (2003), Norwich Union, Offshoring/Delocalisation in United Kingdom, factsheet number 59217, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59217.
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