CEO of Munich Re, Nikolaus von Bomhard, attends a press conference in Munich, southern Germany, Tuesday, March 12, 2013. (AP Photo/Matthias Schrader)

(Bloomberg) – Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany.

The plan for Ergo’s German operations includes cutting 1,835 jobs, or about 13% of the Dusseldorf-based company’s workforce in Germany, according to a statement on Wednesday.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.