Refuge Assurance and United Friendly have announced a surprise £1.46bn merger which could result in 1,800 job losses. These will be made at head office, in the branches and in the sales force.
United’s headquarters in Southwark, south London, where 650 are employed, is to close. Some will relocate to Refuge’s HQ in Wilmslow, Cheshire. Directors have not decided which branches will close but there is duplication in 100 locations.
The new company will rank fourth in the home services market after the Prudential, CIS and Pearl.
The numbers employed in the life assurance industry have dropped by 40,000 to 180,000 in two years as consolidation has got under way.
- Daily Telegraph 09/08/96 page 24, page 25 (City Comment)
- The Times 09/08/96 page 21, page 23 (Pennington), page 25
- The Independent 09/08/96 page 15, page 16 (Comment)
- The Guardian 09/08/96 page 17
- Financial Times 09/08/96 page 1, page 14 (Lex), page 16
