AXA XL is planning to cut 711 European jobs as part of its organisational strategy to become a united division of the AXA Group.
The acquisition of XL Catlin by AXA was agreed in March 2018 and closed last September.
AXA XL began transferring European employees into a single employing company at the start of February and commenced plans for merging certain legal entities, subject to regulatory approvals.
The company is now beginning the next phase of integration and presented a draft plan for the division’s target operating model and organisational structure to employee representatives in applicable countries earlier this week.
The plan includes a new target operating model and organisational structure, in addition to proposing activities and synergies to support the division’s combined operations.
AXA XL’s proposed plan includes the potential reduction of 711 positions in Europe.
Doina Palici-Chehab, chief integration officer of AXA Group, said that every effort will be made to assist employees during the integration.
Palici-Chehab commented: “Consistent with AXA’s long-term responsible employer strategy, AXA XL is committed to supporting its employees through the change period.”
Greg Hendrick, CEO of AXA XL, described the integration as “a very important next step for AXA XL in its journey to become a united division”.
Hendrick added: “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.”
