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
1,800 jobs Number of planned job losses
Announcement Date
20 July 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 December 2009
Description
In 2006 German insurer Talanx acquired Cologne-based German insurer Gerling and announced the restructuring of its life insurance operations. Talanx' life insurance company HDI Leben and the life insurance unit of Gerling, Gerling Leben, were merged to create HDI-Gerling Lebensversicherung AG. HDI-Gerling Lebensversicherung and Talanx subsidiary Aspecta became part of a newly established group HDI Gerling Leben Serviceholding AG. In 2006 Talanx announced that by establishing the new structure 500 jobs in the life insurance unit, 1,250 in the accident insurance unit and 50 jobs in financial services would be cut. Altogether 1,800 jobs are planned to be shed. The life insurance operations will be concentrated at Cologne.
In May 2007 HDI-Gerling Lebensversicherung announced that it would cut 420 jobs in Hamburg and Wiesbaden. Affected employees are going to be asked whether they are willing to move to Cologne or, instead, accept the agreed social plan and leave the company.
Eurofound (2006), Talanx, Merger/Acquisition in Germany, factsheet number 62627, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62627.
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