Helvetia May Eliminate 50 Jobs at Alba and Phenix Divisions

Helvetia Holding AG (HELN), Switzerland’s fourth-biggest insurer, may cut as many as 50 jobs at its Alba General Insurance Company Ltd., Phenix Insurance Co. and Phenix Life Insurance Co. units.

Helvetia, which completed the purchase of the insurers in November, said about 10 to 15 of these positions will be eliminated through early retirement, spokesman Urban Henzirohs said today in an e-mailed statement.

The St. Gallen-based insurer employs about 4,900 people worldwide, 2,500 of which work in Switzerland, Henzirohs said.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net.

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net.

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