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Few Job Cuts Foreseen In Farmers Deal

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.

By Daniel Hays | Updated on April 26, 2009

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.”

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