Jobs may go in Europe as Axa XL integrates
More than 700 jobs will potentially go in the proposed next phase of integration of business units in Europe following Axa’s acquisition of XL Group last year.
Axa Corporate Solutions, Axa Matrix, Axa Art and XL Catlin, are to become a united Axa XL division.
In a statement, Axa XL said that following the closing of the acquisition last September, several teams have already started working together, with “tangible business wins as a result of going to market with a stronger proposition”.
It said that, in Europe, Axa XL began transferring employees into a single employing company at the beginning of the month and, subject to regulatory approvals, commenced plans for merging certain legal entities.
Axa XL is the property and casualty and specialty risk division of Axa.
Greg Hendrick, chief executive officer of Axa XL, 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.”
A draft plan for the next phase of the integration has been presented to employee representatives in countries where formal consultations are applicable. This includes France, Italy, Germany and the UK.
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. It is to be presented on a country-by-country basis and discussed with social partners during the coming weeks.
The company said that combining what were previously separate teams and activities into one structure “means Axa XL will need to redefine its working processes and organisation accordingly. The proposed plan sets out the potential reduction of 711 positions in Europe, out of a workforce of 9,500 employees globally”.
It added 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, said: “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.”