Restructuring sends more jobs offshore

Cox Insurance Holdings is to close its Chelmsford office as part of a major restructuring that will see more jobs go offshore.

The company announced to staff last week that it would not be extending its lease on the Chelmsford building when it comes up for renewal next March.

Company bosses expect to make an announcement on accelerating its offshoring programme within the next few weeks. Cox already employs 70 staff in India.

In a statement to staff, the company explained that part of its strategic review would be to establish how far its outsourcing programme could be extended.

A company spokesman said: "This is part of our drive for greater efficiency."

The company currently employs around 230 Equity Red Star staff in Chelmsford, 200 underwriters and 30 support staff.

No indication was given as to how many staff would be relocated to Cox's headquarters in Brentwood and whether any job losses would result from the restructuring.

The restructuring is part of an ongoing cost cutting exercise that has seen Cox close its broker guaranteeing business HML, transfer its finance arm Can Do to Premium Credit and put software house Brokersure on the market.