Restructuring events
European Restructuring Monitor (ERM)
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.
On 13 April 2016, Germany's third largest insurance company Talanx announced to cut 330 jobs in Germany by 2020. Redundancies will affect Talanx’ subsidiary HDI Vertriebs AG.
According to the CEO, restructuring measures are inevitable as the company needs to become more competitive and strengthen its business. Moreover, the company wants to reduce the cost basis of Retail Germany by €240 million by 2020. During the same period Talanx will invest €300 million in modernising the division. The corporate group will focus on the sales of biometric products such as occupational and disability insurance and on targeting corporate customers and freelance professionals.
The company already made a previous announcement to cut 600 jobs at HDI Kundenservice AG in November 2015. Headquartered in Hanover (Germany), Talanx currently employs over 21,300 employees worldwide of which around 5,000 in Germany.
Eurofound (2016), Talanx, Internal restructuring in Germany, factsheet number 86990, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86990.