Cuts part of ongoing restructuring.
Royal Bank of Scotland Insurance (RBSI) has axed more than 100 senior managers as part of its ongoing restructuring.
The jobs have been cut from various departments and affect all areas of the company.
RBSI said it was unable to release more information as it is in a closed period, but a spokesman confirmed this is the latest phase in the restructuring revealed by Insurance Times last month.
The spokesman said: “This was the logical next phase in RBSI’s restructuring.”
The first two stages of the restructuring involved moves by chief executive Chris Sullivan to stop internal competitiveness between its brands, which include Direct Line, NIG and Churchill, and start acting as a single company.
The commercial and broking divisions were aligned under one managing director, Andy Cornish, in an attempt to place all commercial expertise in one area.
Both Chris Moat, managing director of RBSI motor, and Robin Webster, chief risk officer, left the company in the midst of the changes. Existing managers were also moved to different departments.
Last month, an RBSI spokesperson said the changes would take more than 12 months and would allow the company to deliver strong income and profit growth.
Meanwhile industry sources say a sale of NIG is still on the cards. Potential suitors are believed to include AIG and Zurich.
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