Auto Insurance Company Plans Layoffs
Saturday, August 29th, 2009According to the article “California’s Largest Auto Insurer Plans Layoffs” on insurancenewsnet.com, Farmers Insurance Group is planning to cut hundreds of jobs as reported on Friday.
The Los Angeles based auto insurance company told their employees they would be eliminating 554 jobs by the end of 2009, and that the total would reach about 750 by the end of 2010. The job losses will affect the newly acquired company, 21st Century Insurance at The Woodland Hills complex, which currently has 979 employees. This information was found in the the LA Times.
This decision was made after carefully evaluating 21st Century over two months. Senior Vice President Mark Toohey said that they hope to streamline operations with this effort. Some of the displaced workers may be offered positions at 21st Century’s executive offices in Delaware, or transferred to other Farmers operations in California.
