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
280 jobs Number of planned job losses
Announcement Date
25 November 2011
Employment effect (start)
25 November 2011
Foreseen end date
Description
As announced in November 25, 2011 in Handelsblatt, German health insurer Central, a subsidiary of Generali Deutschland, plans to cut 600 employees working as sales representatives.
Update: In December 2012, Financial Times Deutschland reported that 320 representatives will be taken over by the related financial services company DVAG. 280 jobs will be lost.
The job cuts are reported to be necessary due to a difficult market in low-cost insurance and the resulting higher expenditures.
Sources
29 December 2011: Financial Times Deutschland Online
25 November 2011: Handelsblatt
Citation
Eurofound (2011), Central, Internal restructuring in Germany, factsheet number 72779, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72779.
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