After 500 layoffs, Ageas UK to cut 77 more jobs – reports

The job cuts will be across underwriting, claims and broker distribution teams in three offices

After 500 layoffs, Ageas UK to cut 77 more jobs – reports

Insurance News

By Louie Bacani

Ageas UK is planning to slash 77 roles in at least three more offices, a move that would follow the impending layoff of over 500 employees this month in Scotland.
The insurer has proposed to make the job cuts across its underwriting, claims and broker distribution teams in Port Solent, Eastleigh and Gloucester, according to a report by Portsmouth-based paper The News.
The report said Ageas made a letter addressed to employees over a week ago in which it stated that the job cuts were due to its expense base being “simply too high to compete effectively against the best.”

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
According to the report, a formal 30-day consultation period has been launched and the final decision on the job cuts will be made by the middle of April. However, no specific details have been disclosed for the affected teams.
“This is a tough decision and one we’ve not taken lightly, because insurance will always be a people business and we know this affects people’s lives,” the letter read, as reported by The News.
“We recognise the very considerable efforts made by all of you to deliver our products and services. We’re very proud of what we provide to our brokers and customers, and we will make sure that they are not affected.”

A spokesperson for Ageas confirmed the reports in a statement sent to Insurance Business: “We can confirm that we have entered a consultation with some of our employees. Our priority is to support those affected and provide them with all the support they need through this unsettling time.”
In a report by the Southern Daily Echo, Ageas UK chief executive Andy Watson was also quoted as saying that the company will “work with the relevant bodies to help colleagues as best as we can through this unsettling time.”
Eastleigh MP Mims Davies has reacted to the proposed job cuts, saying it was “clearly very disappointing news.”
“I will continue to work with local businesses to ensure that in these uncertain times they get a strong voice in Westminster for our area,” he told the Daily Echo.
Ageas is also proceeding with the closure of Kwik Fit Insurance Services, its business in Lanarkshire, Scotland. In January, the insurer said the office will be shut down on March 31, leading to removal of 521 employees.
Related stories:
Reaction to 500 Kwik Fit Insurance jobs axe

Keep up with the latest news and events

Join our mailing list, it’s free!