Layoffs at American Family
According to a report by the Wisconsin State Journal, American Family Insurance is reducing its staff across its five insurance companies.
The insurer would not provide the number of employees being impacted, but according to reports on Reddit, the company laid of over 100 director and VP level employees over the last few days. Another post on TheLayoff.com suggests that the insurer will lay off at least 300 employees by the end of the year.
American Family employs almost 12,500 employees across its companies.
American Family reported a net underwriting loss of $1.5 billion in its P&C lines for 2022, up from an underwriting loss of $460 million in 2021.
“We have been continuously working to increase efficiency and manage costs to enhance our customer’s experience by bringing together areas that provide similar functions across our companies — for example, we brought claims operations together three years ago,” the company shared with the news outlet. “These increased efficiencies allow us to reinvest in products and services and deliver strong value to customers. These efforts have had some impact on positions, including at leadership levels, across our companies nationally.”