Liberty Mutual is reorganizing.
Estimates are that close to 370 jobs will be cut in the U.S. The good news is that the 370 jobs is just 1% of Liberty Mutual’s workforce. The cutting will start in September and will go across the board.
“As a result of this change, approximately 370 positions US-wide, which represents less than 1% of our global workforce, have been eliminated across all functions, many of which are effective by the end of September,” Liberty Mutual’s news release said. “Each impacted employee has been encouraged to apply for other positions within the organization or will receive severance and outplacement assistance.”
The reorganization has changes that include the creation of a retail market business in the US (USRM). It will be run by the former president of Liberty Mutual’s global markets, Hamid Mirza. Liberty Mutual is doing the reorganization in part to expand the focus on personal and small commercial insurance lines.
The segment of Liberty Mutual that Mirza now manages has been discontinued and the business will be wrapped up in the Latin American, European and Asian retail markets division. It will be run by Phil Hobbs who heads up Liberty Mutual’s specialty markets.
Liberty Mutual President and CEO Tim Sweeney issued a statement about the reorganization.
“As we continue to operate in a world of profound and accelerating change, we remain committed to keeping our promises and delivering exceptional value to our customers, agents, brokers and partners,” Sweeney said. “Ongoing optimization of our product portfolio and global footprint, coupled with investment in new, innovative capabilities will ensure we achieve sustained success.”
Source link: Insurance Journal — https://bit.ly/44OZgT9
Source link: Insurance Business America — https://bit.ly/43r3Jug
