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 22 May 2017, the reinsurance company General Reinsurance (Gen Re) announced to cut 50 out of its 440 positions in Germany. Gen Re wants to reduce its administrative costs, which currently make up 12% of the company’s income (customary administrative costs within the insurance sector are typically between 7% and 10 %). A social plan has already been negotiated. However, the company did not name any timeline for the redundancies.
Worldwide, Gen Re employ about 1,900 employees across more than 40 sites worldwide. Gen Re was founded in 1846 as Kölnische Rück and is the oldest reinsurance company in the world.
Eurofound (2017), General Reinsurance, Internal restructuring in Germany, factsheet number 91032, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91032.