Axa XL has confirmed 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.
Insurance Age understands that the provider could potentially cut up to 275 roles in the UK. Axa XL has a total of 9,500 employees globally.
The insurer explained that combining separate teams and activities into one structure means it will need to redefine its working processes and organisation.
It further stated
- PIB seeking to raise £100m - £200m to fund growth
- Nick Milton to develop Pen Underwriting’s broker strategy replacing Simon Taylor
- Experts urge brokers to look over remuneration after FCA warning on GI distribution failings
- Wonga's Tara Waite (formerly Kneafsey) returns to insurance with Ageas role
- Arch buys Obelisk Underwriting
- Tokio Marine Kiln’s Blundell joins Biba
- FCA warns brokers to be ready for SM&CR