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 65.1 - Insurance
120 jobs Number of planned job losses
Announcement Date
2 March 2017
Employment effect (start)
2 March 2017
Foreseen end date
31 December 2018
Description
On 2 March 2017, industrial insurer Allianz Global Corporate & Speciality (AGCS) announced to cut about 120 jobs in Germany by the end of 2018. AGCS is a subsidiary of the insurance provider Allianz and specialises in insuring large companies worldwide. The industrial insurer is suffering due to low interest rates and tough competition. The 120 job cuts are part of a wider restructuring programme which will affect 500 jobs worldwide.
The management explained that some processes will become digitalised. Other routine jobs will be transferred to India, Romania and China.
AGCS employs about 1,200 staff in Germany and about 5,000 worldwide.
Sources
2 March 2017: Süddeutsche Zeitung (Print)
2 March 2017: fondsprofessionell.de
Citation
Eurofound (2017), Allianz Global Corporate & Specialty, Internal restructuring in Germany, factsheet number 90490, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90490.
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