FARMERS TO CUT 750 JOBS AT 21ST CENTURY

Farmers Insurance Group the California-based subsidiary of Zurich Financial, intends to cut 750 jobs in the Woodland Hills, California office of 21st Century Insurance, the direct motor insurance business that it acquired from AIG in July. Farmers said that 554 jobs would be eliminated this year and the balance by end-2010. Some the dismissed workers will be offered jobs at 21st Century’s office in Delaware and Farmers’ offices in southern California. Farmers senior vice-president Mark Tooley said that the decision to reduce the workforce at Woodland Hills, which until late last year had been the headquarters for 21st Century, had been taken after a two-month evaluation. However, he termed the move “a difficult business decision”.