UK Motor Insurer Direct Line to Cut 550 Jobs in Turnaround Bid
- Company begins consultations on plans to cut 550 roles
- Third-quarter gross written premiums fell by 35% year-on-year
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Direct Line Insurance Group Plc, the UK insurer that rejected a takeover attempt by Belgian rival Ageas SA earlier this year, is set to cut about 550 jobs as part of a turnaround plan aimed at saving £50 million ($64 million) next year.
The reductions would eliminate about 6% of its roughly 9,000 employees, and consultations have already started on the push for “a leaner and more efficient operating model,” the company said in a trading update on Monday.