Wednesday, July 12, 2006

Switzerland: Reinsurer to Cut More Jobs

The New York Times
Switzerland: Reinsurer to Cut More Jobs

The Swiss Reinsurance Company, the largest reinsurer in the world, will cut as many as 2,000 jobs, or 17 percent of its work force, after the purchase of the reinsurance unit of General Electric. Swiss Re, which is based in Zurich, said the reductions would affect employees in Zurich; London; Munich; Armonk, N.Y.; and Kansas City, Mo.

In January, the company said the purchase of GE Insurance Solutions, based in Kansas City, would result in the loss of as many as 1,700 jobs. Swiss Re surpassed Munich Re as the largest reinsurer last month after completing the $7.4 billion purchase of the G.E. unit.