Norwich Union

Type
Offshoring/Delocalisation
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
New offshoring locations
800 jobs
Number of planned job losses
Job loss
Announcement Date
9 March 2005
Employment effect (start)
Foreseen end date

Description

Around 1,700 jobs will be suppressed at the RAC and Norwich Union to help pay for the £1.1 billion takeover of the roadside recovery company by Norwich Union's parent group, Aviva. Aviva said yesterday it will strip £80 million in costs out of the RAC by cutting 900 back-office jobs and merging call centres with Norwich Union offices around Britain. It will shift another 800 jobs offshore, adding to Aviva's growing presence in India. In 2004, Aviva cut 5,000 jobs in the UK, reducing its workforce to 28,000.

Sources

  • 10 March 2005: The Guardian

Citation

Eurofound (2005), Norwich Union, Offshoring/Delocalisation in United Kingdom, factsheet number 61248, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61248.