Liberty Mutual is going to cut 850 jobs. An unidentified company spokesman says it’s part of the company’s “transformation initiative.” The 850 jobs represent 2% of the company’s workforce.
“We have made the difficult decision to eliminate approximately 850 positions, nearly all in the US, across several functions this month, many of which are effective by the end of the year,” the spokesperson said.“Impacted employees will be eligible for severance and outplacement assistance and are encouraged to apply for other positions within the organization.”
As noted earlier, the parts of the company impacted the most will be the U.S. retail market and Liberty Mutual’s global risk solution units.
The company joins several other companies that are doing cost cutting via layoffs. GEICO is going to lay off 2,000 people — or 6% of its staff. In August Farmers Insurance cut 11% of its workforce. That total is 2,400 jobs.
Germania and Cowbell have also announced layoffs.
“We will reimagine how we do business with a focus on efficiency and effectiveness,” the spokesman added. “And will prioritize our efforts to focus on how we can provide the most value for our customers, agents, brokers and partners.”
The 850 cuts come on top of 370 positions cut in July. All of them were from the United States.
Company CEO Tim Sweeney said catastrophe-led losses of $585 million in the second quarter are pushing the cuts. GEICO and Farmers also said their cuts had to do with huge catastrophe losses.
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