9 March 2012 Insurance

CGU to shed 600 jobs

Australian insurer CGU is to shed 600 jobs over the next three years as part of its corporate restructuring.

CGU, a subsidiary of Insurance Australia Group, said that the new model is aiming to generate annual cost savings of approximately $65 million pre-tax by the end of the 2015 financial year.

Peter Harmer, chief executive officer of CGU, said that the revised model represented an ‘important step change’ for the company.

"This model simplifies our structure, making it easier for brokers and agents to deal with us and access the immense knowledge and expertise that sits within our organisation," he said.

"We will be moving to an integrated, function-based organisation with common approaches to account management, underwriting and claims. This will remove areas of duplication within the business and enable us to provide more efficient and consistent service to our intermediaries and business partners."

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