Arag

Type
Internal restructuring
Country
Germany
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
300 jobs
Number of planned job losses
Job loss
Announcement Date
17 August 2006
Employment effect (start)
17 August 2006
Foreseen end date
31 December 2007

Description

On 18 June 2006, ARAG, a German insurance company operating in Europe and the US, announced to cut 300 jobs in Germany till the end of 2008. 150 jobs will be lost at its head office in Düsseldorf within its legal protection affiliate called ‘ARAG Rechtsschutz AG’. Another 150 will be lost due to the closure of its 10 offices conducting claims settlement. The job losses are a reaction to the rising lawyers’ remunerations and a decreasing share in the market. The establishment wants to save 18 million Euro by its job reduction plans.

Sources

  • 18 August 2006: Financial Times Deutschland
  • 18 August 2006: Frankfurter Allgemeine Zeitung

Citation

Eurofound (2006), Arag, Internal restructuring in Germany, factsheet number 63932, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63932.