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
200 jobs Number of planned job losses
Announcement Date
15 October 2012
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2013
Description
As announced on October 15, 2012, German insurance group Ergo will cut 200 jobs in 2013. This is due to consolidation efforts. A further 400 jobs may be cut in 2014 and 2015. This announcement answers to speculation about Ergo cutting 1,350 jobs in its sales section until 2015.
Ergo and other insurance groups have to face falling prices and saturated markets, especially for life insurances.
Sources
15 October 2012: Press release
16 October 2012: Financial Times Deutschland
16 October 2012: Handelsblatt
Citation
Eurofound (2012), Ergo, Internal restructuring in Germany, factsheet number 74337, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74337.
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