Combined Insurance closes new business and places UK staff in redundancy talks
The entire 325 staff at the UK offices of ACE-owned Combined Insurance face redundancy and new business is being closed, Insurance Times has learnt.
Another 400 independent sales agents ‘will be impacted’ by the restructuring at Combined Insurance, which sells accident and health insurance cover.
A spokesman for Combined said it was no longer open to new business, but would continue to serve its existing policyholders.
ACE bought US-based Combined Insurance from Aon in 2008 for £1.6bn.
It has 300,000 policies in force across the UK, handled by staff in Kingston, South West London, and Wilmslow, Cheshire.
The spokesman said: “Combined Insurance in the UK is proposing to restructure its operations, which may result in redundancies in staff. The company is financially strong and is fully committed to providing superior service and claims handling to our more than 300,000 customers in the UK.
“We have just entered into a consultation period with our staff and have not yet determined the number and types of positions necessary to continue serving our current customers.”
Combined Insurance offers accident protection cover to sports stars, including rugby league players.