The California-based company says it's restructuring to be better positioned for long-term profitability.
Farmers Insurance is laying off 11% of its workforce — or about 2,400 workers — across all lines of its business.
The California-based company said it is restructuring to be better positioned for long-term profitability. "Given the existing conditions of the insurance industry and the impact they are having on our business, we need to take decisive actions today to better position Farmers for future success," said Raul Vargas, President and CEO of Farmers Group, Inc., in a statement.
"Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come," he continued. The move comes a month after the insurance company pulled out of Florida in a bid to manage risk exposure in the hurricane-prone state.
Farmers also limited new homeowner insurance policies in California — where it is the second-largest home and auto insurer — given the state's high costs and wildfire risks. Allstate and State Farm previously made similar moves in the Golden State.Trending stories at Scrippsnews.com
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Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitabilityFarmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability.
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Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitabilityFarmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability
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Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitabilityFarmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability.
Leer más »
Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitabilityFarmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability.
Leer más »
Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitabilityFarmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability
Leer más »
Farmers Insurance to cut about 2,400 jobs to improve profitabilityFarmers Insurance said Monday it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its...
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