|Copyright:||(c) 2010 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|
The work force reduction impacts about 400 to 500 employees total. The actions will result in a one-time charge of about
The move is consistent with its focus on its core business — life insurance, pensions and asset management, the company said.
Over the past two years, in a challenging business environment,
“This ongoing portfolio review has resulted in evaluating the markets we serve, the particular businesses we are in and to determine if they contribute to
The BOLI/COLI business is conducted primarily by
After the restructuring is completed, these changes will result in an annual cost savings of about
“We will be working with our employees and consultants to ensure the same level of quality service for our clients and to create transition plans for those clients affected by the decision,” Nodorft said.
In September, as part of an ongoing cost-cutting effort,