California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth.
according to a statement on its website“Given the existing conditions of the insurance industry and the impact they are having on our business, we need to take decisive actions today to better position Farmers for future success,” said Raul Vargas, president and CEO of Farmers Group, Inc,. in the statement.saying in a statement that the decision was necessary to manage its risk exposure in the hurricane-prone state.
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