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
711 jobs Number of planned job losses
Announcement Date
12 February 2019
Employment effect (start)
1 April 2019
Foreseen end date
31 December 2019
Description
The Bermuda-based insurer and reinsurer Axa XL has announced a reorganisation plan that will lead to to cut 711 jobs in Europe. The job reductions, which represent 7.5% of the company’s global workforce of 9,500, come five months after the French insurance group Axa bought XL Group. The reorganisation will affect the newly combined businesses in France, Italy, Germany and the United Kingdom, that will merge into one structure.
The company expects to cut 275 positions in the U.K., 222 in France, 140 in Germany, 41 in Italy and 33 in other European countries as part of the consolidation plan. The job cuts may include internal redeployments or voluntary departures. According to AXA XL (Press release), 'a draft plan for the division’s target operating model and organizational structure was presented to employee representatives in countries where formal consultations are applicable. This includes France, Italy, Germany and the UK. In addition to proposing a new target operating model and organisational structure, the plan proposes activities and synergies to support the division’s combined operations. It will be presented further on a country-by-country basis and discussed with social partners over the coming weeks'.
12 February 2019: AXA XL (Press release) (axaxl.com)
Citation
Eurofound (2019), AXA XL, Merger/Acquisition in European Union, factsheet number 96726, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96726.
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