The move will save about $250m annually
Zurich Insurance Group will cut about 800 jobs globally to save about $250m (£150m) per year by the end of 2015.
The insurer said the restructure was designed to reduce “both complexity and costs” as it works towards its 2014-16 strategy.
Zurich said the initiative, which follows its company review in December, will remove management layers between group and business units.
Chief executive Martin Senn said: “We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business. This latest initiative empowers our people to act decisively in delivering first-class services to our customers while also minimising overheads. It will be implemented through a measured process, with employees supported at every stage of the transition.”
Senn said in December that Zurich would invest in global corporate and mid-market business, as well as its high-margin retail insurance lines, while either turning around or exiting non-core insurance businesses that were underperforming.
The insurer said that customer-facing activities would not be affected.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet