Sammons Monetary Lays Off ‘Small Group’ Of Workers

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Sammons Monetary Group is the newest insurer to announce layoffs — a “small group” of workers throughout 4 Midwest firm websites.

The layoffs will occur throughout the first quarter of 2019, mentioned John Myers, affiliate vice chairman of company communications for Sammons. The affected places of work are reportedly in Illinois, Iowa, South Dakota and North Dakota.

“Impacted workers will probably be provided severance and outplacement companies to assist as they transition,” Myers mentioned in an electronic mail. “We’re approaching these modifications from a place of power to accommodate anticipated progress throughout the enterprise.”

Headquartered in Chicago, Sammons is the dad or mum firm for Midland Nationwide Life in Sioux Falls, S.D.; North American Firm for Life and Well being Insurance coverage in West Des Moines, Iowa; and Sammons Institutional Group, which sells retirement merchandise.

Sammons Monetary studies $82.1 billion in complete belongings, practically 1.1 million life insurance coverage insurance policies value $276.6 billion, and 611,013 annuity contracts.

“There are presently 25 open positions throughout the corporate, and we anticipate to proceed so as to add new jobs over the following a number of years,” Myers mentioned.

“By means of the transformation course of, we have now recognized alternatives to function extra effectively, put money into automation and digital options, and enhance the expertise of our distributors and policyholders. We now have recognized areas the place these enhancements will end result within the addition of recent sorts of positions as nicely.”

State Farm and Nationwide are simply two of the insurers who’ve had layoffs because the starting of 2017. Nationwide is decreasing its workforce by about 1,100 individuals, the insurer mentioned final month.

InsuranceNewsNet Senior Editor John Hilton has lined enterprise and different beats in additional than 20 years of every day journalism. John could also be reached at [email protected].

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