Round 2% of its US workforce to go
Liberty Mutual is about to chop round 850 jobs, or about 2% of its US workforce this month, making it the most recent insurer to announce layoffs in current weeks.
In a press release issued to Insurance coverage Enterprise, a Liberty Mutual spokesperson confirmed that the transfer was made “as a part of an organization transformation initiative.”
“We’ve made the tough resolution to eradicate roughly 850 positions, almost all within the US, throughout a number of features this month, a lot of that are efficient by the top of the yr,” the spokesperson mentioned.
“Impacted staff can be eligible for severance and outplacement help and are inspired to use for different positions throughout the group.”
Staff in Liberty Mutual’s US retail markets and international threat options enterprise models, in addition to know-how and different company teams, can be impacted, in keeping with the spokesperson.
The newest spherical of layoffs at Liberty Mutual comes as a number of main US insurers make reductions to their headcount.
Organizational and management modifications at Liberty Mutual
The Liberty Mutual spokesperson mentioned the group was present process a “multi-year transformation” to make sure it’s arrange for future success and to handle rising dangers.
“We are going to reimagine how we do enterprise with a deal with effectivity and effectiveness; and can prioritize our efforts to deal with how we will present essentially the most worth for our prospects, brokers, brokers and companions,” the spokesperson added.
Liberty Mutual made a spherical of job cuts in July because it sought to restructure its enterprise, slashing 370 positions US-wide.
President and CEO Tim Sweeney additionally spoke about organizational and management modifications on the insurer throughout its second-quarter earnings name in August.
He mentioned the modifications have been aimed toward “enhancing deal with long-term strategic markets, whereas higher leveraging scale benefits to drive goal profitability and sustainable success.”
Liberty Mutual Holdings reported a web lack of $585 million in Q2 2023, considerably increased than the $343 million web loss throughout the identical quarter in 2022.
Sweeney pointed to elevated disaster losses, particularly from widespread wind and hail occasions in Oklahoma, Texas, and Colorado.
What are your ideas on the most recent spherical of layoffs at Liberty Mutual? Inform us within the feedback.
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