Jobs at risk as Ergo UK shuts down its industrial business in the UK
Ergo UK, a subsidiary of Munich Re, is to shut down its industrial business.
After a review of strategic relevance, Munich Re decided to shut down the UK industrial sector of its ERGO business.
A spokesman for Munich Re told Insurance Times: ”We are continually monitoring the extent to which our international business activities create significant value with regard to strategic relevance, positioning and growth potential.
”Concerning ERGO UK, the ERGO Industrial business unit has not reached an economically sustainable relevance. Therefore, we will not continue this business.
”We will examine the whereabouts of the employees and the portfolio within the Group in the UK.”
It is not known when the sector will close, or how many jobs are at risk, but a source told Insurance Times that it is to be around 10 people.