Employers: Cuts to save $17 million
July 12, 2010
Employers Holdings Inc. expects to save $17 million a year as the result of a reorganization that will lead to the reduction of 44 jobs at the workers compensation carrier’s headquarters in Reno.
The company will eliminate approximately 160 positions nationwide as it combines four regional operating units into two.
It said the staff reductions will be completed during the current quarter.
In a filing with the Securities and Exchange Commission, Employers said it expects to take a $2.4 million charge during this quarter to cover the costs of the reorganization.
The company said the reorganization is part of an effort to “better align resources with business activity and growth opportunities.”
In the first quarter of this year, Employers reported that it collected $79.3 million in net premiums compared with $111.6 million a year earlier.