Liverpool Victoria General Insurance Group (LV=GI), the UK-based insurance firm has announced restructuring plans which will lead to approximately 600 jobs being cut over the next two and a half years. The restructure follows a major acquisition and aims to fully integrate the acquired business into the company. The details of the restructure are not yet known, however, it has been announced that the office space will be reduced in Ipswich, England, where insurance claims are processed.
The company’s chief executive said in a statement that the changes were necessary to for the business to ‘thrive’ and added that he hoped to ‘minimise redundancies'.
LV= GI is one of the UK’s largest insurers, specialising in car, home, pet, travel and home insurance, with over seven million customers in the UK. The company is part of the Germany-based Allianz Group.