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
580 jobs Number of planned job losses
Announcement Date
23 June 2008
Employment effect (start)
2 February 2009
Foreseen end date
30 June 2011
Description
Insurance company Hibernian has announced that it is to outsource 580 back office jobs in Ireland to Bangalore, India, over the next three years. It is understood that the 580 jobs to be targeted by Hibernian will be in lower-skill administrative back office functions. The company will begin transferring jobs early in 2009 to Bangalore in India, where its owner, UK insurer Aviva, already has a presence. Hibernian said its priority was to provide ways to facilitate staff wishing to re-locate or to be re-trained. The company envisages that the majority of the job losses would be voluntary. The Hibernian workforce will be reduced from 2,200 to 1,600 following the cutting of more than a quarter of its workforce. The company says the job losses are related to a concern to reduce costs and boost competitiveness.
More information on the Hibernian case is available on the European Industrial relations Observatory (EIRO).
Sources
24 June 2008: The Irish Times
24 June 2008: The Irish Independent
Citation
Eurofound (2008), Hibernian Group, Offshoring/Delocalisation in Ireland, factsheet number 66764, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66764.
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