Late last week, Assurant Health, a division of Assurant Inc.

Рубрика: Articles. Автор: admin. Среда 23 Ноя 2011 в 2:10 дп

Late last week, Assurant Health, a division of Assurant Inc. (AIZ), said that it will cut 130 jobs at its headquarters in Milwaukee, beginning October 1, 2010. This move comes as a part of streamlining the cost structure to better align the organization to meet increased costs that will come with the implementation of the recently enacted Health Care Reform Act. Elimination of excess workforce will optimize staffing level, thereby maintaining efficiency. Currently, the company has a workforce of around 1,700 employees. As part of the employee restructuring program, Assurant Health anticipates to incur charges amounting to $5.5 million in the third quarter of 2010 and $1.3 million in the following quarter. The restructuring is anticipated to be completed by January 2011. Also, during November 2009, Assurant Health slashed 94 jobs, of which 61 were from the headquarters and the rest were from other locations across the country. The insurance company also has offices in Boise, Idaho; Miami; and Plymouth, Minnesota. Yet another restructuring move announced last month at Assurant Health was the retirement of its President and Chief Executive Officer, Don Hamm, effective January 2011. Adam Lamnin, the current chief operating officer, will move to the role of president and CEO. Assurant Health, which provides individual, short-term and small group health insurance, posted no change in revenues during the second quarter of 2010. Assurant Health, which has traditionally been underperforming, faces a challenging environment. It has concentrated on this business by enhancing its product offering and changing its pricing and plan designs. These initiatives are anticipated to improve margins in the near term. However, we remain concerned with the long term implication that the recently enacted Health Care Reform Act might have on the company. A cut in earnings might lead to goodwill impairment in this segment, which will compress the bottom line. Assurant Health to Trim Workforce Late last week, Assurant Health, a division of Assurant Inc. (AIZ), said that it will cut 130 jobs at its headquarters in Milwaukee, beginning October 1, 2010. This move comes as a part of streamlining the cost structure to better align the organization to meet increased costs that will come with the implementation of the recently enacted Health Care Reform Act. Elimination of excess workforce will optimize staffing level, thereby maintaining efficiency. Currently, the company has a workforce of around 1,700 employees. As part of the employee restructuring program, Assurant Health anticipates to incur charges amounting to $5.5 million in the third quarter of 2010 and $1.3 million in the following quarter. The restructuring is anticipated to be completed by January 2011. Also, during November 2009, Assurant Health slashed 94 jobs, of which 61 were from the headquarters and the rest were from other locations across the country. The insurance company also has offices in Boise, Idaho; Miami; and Plymouth, Minnesota. Yet another restructuring move announced last month at Assurant Health was the retirement of its President and Chief Executive Officer, Don Hamm, effective January 2011. Adam Lamnin, the current chief operating officer, will move to the role of president and CEO. Assurant Health, which provides individual, short-term and small group health insurance, posted no change in revenues during the second quarter of 2010. Assurant Health, which has traditionally been underperforming, faces a challenging environment. It has concentrated on this business by enhancing its product offering and changing its pricing and plan designs. These initiatives are anticipated to improve margins in the near term. However, we remain concerned with the long term implication that the recently enacted Health Care Reform Act might have on the company. A cut in earnings might lead to goodwill impairment in this segment, which will compress the bottom line. Assurant Health to Trim Workforce


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