Aug 28, 2009 11:04 am US/Pacific
Over 500 Jobs To Be Cut At 21st Century Insurance
WOODLAND HILLS (CBS) ―
California's largest auto insurer, Farmers Insurance Group plans to slash hundreds of jobs by the end of year.
Most of the jobs will be cut at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills. Farmers plans to cut 554 jobs by the end of 2009 and a total of 750 by the end of 2010.
The Woodland Hills complex, which had been 21st Century's headquarters until last November, currently has 979 employees.
Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc. on July 1.
Some of the displace workers may be offered jobs at 21st Century's executive offices in Wilmington, Del., while others could be transferred to other Farmers operations in Southern California.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)
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