RSA Bristol office to close with the loss of 400 jobs
RSA is closing its Bristol offices, with the loss of around 400 jobs.
The move forms part of a cost-cutting exercise aimed at saving £70 million and involving 1,200 job losses in total by mid-2010.
RSA employs around 8,000 staff in the UK and further redundancies are expected countrywide and across all levels; the insurer’s main sites are in Liverpool, London and Horsham.
The group’s UK chief executive, Adrian Brown, said: “Decisions like this that affect our people are always difficult. We have made the announcement at this early stage to maximise opportunities for staff to find alternative employment, either within the company or outside.”
Around 40 staff will remain in Bristol to maintain the company’s services to commercial brokers.
For 2008, the insurer reported a 13% rise in pre-tax profit, to £759 million, with net written premiums rising 11% year-on-year, to £6.5 billion.
The company also said in February that it expected low interest rates and market volatility to impact on its balance sheet in the months ahead and that it was preparing for challenging conditions.
Category: Employment News, Insurance News, Royal & Sun Alliance News
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