Following the announcement that Farmers Group Inc. had purchased 21st Century Insurance for $1.9 billion earlier this month, Farmers' chief executive suggested that major job cuts are not in the cards for the new acquisition.
F. Robert Woudstra noted that only a week before the deal was announced, 21st Century's parent, American International Group, which arranged the sale with Farmer's parent, Zurich Financial Services, had been “reducing the headcount by 500 people.”
Concerning management of the new acquisition, he said Anthony J. DeSantis, 21st Century president and CEO, “will continue to run it for us.”
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