AIG Subsidiary 21st Century Insurance is Downsizing

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AIG subsidiary 21st Century Insurance said it had laid off about 7 percent of its workforce — nearly 500 workers — and that it was losing its Long Beach office and three other locations.

Just a week ago, 21st Century sent an e-mail to its customers from Chief Executive Anthony DeSantis saying that 21st Century was “financially strong” and that it had “not accessed or needed” any of the billions of bailout money that its New York-based parent company got.

But 21st Century, which sells car, home and other types of insurance, has been hit by a sales decline. Some of that difficulty is due to the widespread public backlash against AIG in the wake of the taxpayer bailout. “That’s part of it,” Norton said. Employees at 38 offices nationwide were told Tuesday that they were being laid off.




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