Provider proposes to cut 711 roles across Europe as integration process continues.
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 that supporting measures will be put in place and “may include internal redeployments or voluntary departures”.
Doina Palici-Chehab, chief integration officer of Axa Group, commented: “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.”
According to Axa XL it began transferring employees in Europe into a single employing company in February this year.
The provider noted that a draft plan for the division’s target operating model and organisational structure has been presented in countries where formal consultations are applicable, including the UK, France, Italy and Germany.
Axa XL chief executive officer Greg Hendrick said: “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.”
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