Jobs at risk at Ipswich office of insurance giant as part of restructure
PUBLISHED: 12:27 28 July 2020 | UPDATED: 15:56 28 July 2020
Workers at the Ipswich office of LV General Insurance are facing an uncertain future as the company embarks on a major project to restructure its business.
The insurance giant has announced plans to integrate Legal and General, which LV acquired in January, into its business over the next two-and-a-half years.
LV also plans to make changes to its Claims function as part of the restructure.
The move is expected to impact about 600 jobs across the company, with employees working in the claims team at the Ipswich office most likely to be affected.
An LV spokesman confirmed the office, in Crown Street, would remain open.
Last February, it was revealed that up to 140 jobs in the claims department at the Ipswich office were at risk of being axed.
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Steve Treloar, chief executive officer of LV, said: “It’s never easy making these decisions and we understand that the changes we’re proposing will be difficult for some, which is why we’re working extremely closely with our people to make sure they get all the support they need.
“It’s also important to reiterate that these changes will take place over the next two-and-a-half years and we’re hoping to minimise redundancies.
“However, while this news is undoubtedly difficult for some, we’re making these changes because we recognise that in order for us to thrive as a business in future we need to be set up in the best possible way and in making these changes we can ensure we achieve that.”
Paul West, Suffolk county councillor for Bixley in Ipswich, described the announcement as “very bad news” for the town.
He added: “This has come at a very uncertain time due to the current job market.
“The news underlines the need for the Chancellor, Rishi Sunak, to take a very pro-business approach and be very vigilant over the next few months as we are dealing with the economic impact of the coronavirus crisis.
“The coronavirus pandemic just compounds the uncertainty.”
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