The redundancies are part of LV=GI’s broader restructuring plans, which aim to integrate L&G General Insurance into the business
Steve Treloar, chief executive of LV= General Insurance (LV=GI), today confirmed that 300 of the insurer’s staff will be made redundant as part of a business restructuring programme.
In July, Insurance Times reported that LV= was considering cutting 600 staff as it launched its restructuring project – the two-and-a-half-year initiative was designed to integrate L&G General Insurance into the broader LV= business.
L&G General Insurance became part of LV=GI in January 2020.
Speaking to trade journalists today following the publication of Allianz Holdings’s 2020 full year results, of which LV= is a subsidiary, Treloar said “we’ll be losing around 300 staff from the business”.
He explained: “These processes are never something that we want to really undertake, but as part of the integration, we set out a path to reshape our business over the next two and a half years.
“We’ve now completed the process and, unfortunately, we’ll be losing around 300 staff from the business and the remainder, we’ve either retained in roles or found ways to relocate them, which I think is quite a good outcome.”
Treloar added that the staff cuts were “necessary”.
He continued: “We never like losing anybody from our business, but this was necessary as part of the integration of L&G, but I think it’s proceeded well and the process of consultation is now complete.”
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