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
1,200 jobs Number of planned job losses
Announcement Date
3 August 2006
Employment effect (start)
Foreseen end date
Description
On 3 August 2006 the insurance group Ergo, a subsidiary of financial services group Münchner Rück announced its intention to cut some 1,200 jobs within the next three to four years. On 24 November 2006, Ergos affiliate, the insurance company Victoria, announced to cut up to 200 workplaces as part of the restructuring process of the Ergo group. The company said it wanted to avoid direct dismissals.
Sources
25 November 2006: Frankfurter Allgemeine Zeitung
4 August 2006: Handelsblatt
Citation
Eurofound (2006), Ergo Versicherungsgruppe, Internal restructuring in Germany, factsheet number 63874, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63874.
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