Markerstudy cuts compulsory redundancies for proposed Co-op Insurance deal

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Markerstudy says that employees are of ’utmost importance’, earlier in the week an Early Day Motion was filed in a bid to reassess the deal with Co-operative Insurance

Markerstudy has reduced the number of compulsory redundancies for the proposed deal with the Co-operative Insurance.

Tanya Gerrard-White, director of HR and talent development at Markerstudy Group, told Insurance Times: “We’ve received positive feedback from the Co-op Unite representative. As previously advised, we are committed to considering all alternatives and have successfully reduced the number of compulsory redundancies.”

Earlier in the week an Early Day Motion was filed in Parliament by Rochdale MP Tony Lloyd on 1 September, alongside a protest with trade union Unite outside the birthplace of the Co-operative movement.

The Early Day Motion urged a review of the sale of the Co-operative Insurance to Markerstudy as around 200 jobs were tipped to be lost as a result of the deal which its union Unite said was “a betrayal of the ethical philosophy and principles of the co-operative movement”.

Utmost importance

Gerrard-White, added: “Our employees are of the utmost importance to us, as demonstrated by the wealth of initiatives that encourage recognition, nurture personal development, and support the health and wellbeing of every individual.

“We look forward to welcoming Co-op Insurance colleagues into our organisation and sharing with them the benefits and opportunities afforded by freedom of speech and autonomy.”

Meanwhile a spokesperson at Co-op Insurance said: “It remains the case that this sale will achieve the best outcome for our colleagues and members going forwards and provides the basis for the Co-op to significantly increase its insurance footprint across the UK.

“Our colleagues have been our utmost priority when choosing a suitable buyer for the sale of our insurance underwriting business.”

The Co-operative Insurance is a mutual insurance company, meaning that it is owned entirely by its policyholders.