Axa XL has revealed that 711 people across its European operations are at risk of redundancy as it works to integrate Axa Corporate Solutions, Axa Matrix, Axa Art and XL Catlin.
After the closing of the acquisition in September 2018, Axa XL began transferring employees in Europe into a single employing company at the beginning of February. It also started plans for merging certain legal entities.
Axa XL now seeks to perform the next phase of integration in order to redefine its working processes and organisation accordingly.
As a result this could mean a potential reduction of 711 positions in Europe (including France, Italy, Germany and the UK), out of a total workforce of 9,500 employees globally.
The (re)insurer will also put supporting measures in place and may include internal redeployments or voluntary departures, depending on local social requirements or practices.
In addition to proposing a new target operating model and organisational structure, the plan proposes “activities and synergies” to support the division’s combined operations.
Axa XL CEO Greg Hendrick commented: “This is a very important next step for Axa XL in its journey to become a united division,"
"This proposed target operating model and organisational structure will help us to deliver the best services to our customers and provide them with the innovative solutions they need to succeed.”
Doina Palici-Chehab, chief integration officer of Axa Group, added: “Consistent with Axa’s long-term responsible employer strategy, Axa XL is committed to supporting its employees through the change period, and every effort will be made to assist them.”