AM I NEXT? NO LOVE AT LIBERTY MUTUAL (02/03/24)

FEBRUARY 3, 2024 — 250 EMPLOYEES TARGETED

As part of its ongoing restructuring, the company has announced plans to lay off 250 corporate employees in its U.S. retail markets and global risk solutions business. Layoffs will commence in April or May 2024.

NOVEMBER 9, 2023 — Original post…

Boston, Massachusetts-based Liberty Mutual, a global property and casualty insurer, has announced that its continuing multi-year transformation to focus on efficiency and effectiveness has resulted in a 2% reduction in its U.S. workforce.

The reduction in force will impact 850 employees, including those in the insurer's Retail Markets and Global Risk Solutions business units, technology, and other corporate support groups. This round of layoffs will be completed by the end of the year and follows a 370-employee reduction in August 2023.

According to a company spokesperson, “We are initiating a multi-year transformation to ensure our organization is set up for future success and to address the rise of emerging risks. We will reimagine how we do business with a focus on efficiency and effectiveness and will prioritize our efforts to focus on how we can provide the most value for our customers, agents, brokers, and partners."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT FARMERS INSURANCE

Los Angeles, California-based Farmers Insurance, a major insurer of vehicles, homes, and small businesses, has announced an organizational restructuring, cost-cutting initiative, and a reduction in its workforce.

The company's actions will impact 2,400 employees, about 11% of the company's workforce, across all lines of business.

According to Raul Vargas, CEO and President of the Farmers Group, “Given the existing conditions of the insurance industry and the impact they are having on our business, we need to take decisive actions today to better position Farmers for future success. Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come.”

“As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability. Our leaner structure will make us more nimble and better able to pursue opportunities for growth and ultimately make Farmers more responsive to the needs of our insured customers and agents. There is a bright future – for Farmers and for our industry – and it necessarily will look different than the past.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT EVERQUOTE

Cambridge, Massachusetts-based EverQuote, an online insurance marketplace, has announced an organizational restructuring to reduce operating expenses, and that EverQuote will be exiting its health insurance vertical.

The exit will impact 98 employees, mostly Health Advisors and Medicare Advisors, located in Evansville, Indiana.

According to Jayme Mendal, CEO of EverQuote, “We are making the strategic decision to exit an area that requires significant capital investment and scale to effectively compete amid an increasingly unpredictable regulatory environment. We are confident that by increasing strategic focus on our core verticals and streamlining operations, we will position EverQuote to improve financial performance and build a stronger competitive position in our chosen markets.”

“Our team remains laser-focused on closely managing costs and driving operating efficiencies in the business. We believe that the actions we are taking to streamline our operations will better position EverQuote to drive more sustainable growth and deliver a greater return on capital investment.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?