Chesnara has told Health & Protection that more redundancies could be on the way at HSBC Life UK as it works to integrate its latest acquisition.
The insurer bought HSBC Life UK for £260m and closed the company to new business, instead focusing on serving its existing clients.
This meant that head of distribution Richard Walters and his team were made redundant along with several underwriters as the protection arm was closed to new business.
Chesnara is reviewing its options through a consultation, which could see it create new roles, change some existing roles, transfer certain roles to specialist partners, in addition to potential redundancies.
Most redundancies are likely to result from deduplication in head office functions, the firm said.
A source told Health & Protection that it is too early to be precise on numbers.
Come together
“Following the completion of Chesnara’s acquisition of HSBC Life (UK), we have been reviewing how best to bring together our enlarged UK business and ensure we have the right structure to support customers, colleagues and our strategic ambitions,” a Chesnara spokesperson told Health & Protection.
“As part of this process, we are consulting with colleagues on potential changes to their roles.
“While no decisions have been made, we are committed to treating our people with care and respect throughout the process.”