COUNTY NEWS: Hundreds of jobs under threat at Sussex insurance firm

Around 500 jobs are at risk at a Hove insurance firm, as Legal & General announced it has agreed to sell its mature savings business to a firm in Hertfordshire.
Legal & General's Hove offices (Photograph: Google Maps)Legal & General's Hove offices (Photograph: Google Maps)
Legal & General's Hove offices (Photograph: Google Maps)

Legal & General told staff on Wednesday (December 6) that a section of the business would be sold to pensions firm Swiss Re Ltd for £650m.

The company, which is one of the biggest employers in Brighton and Hove, said 510 of its 1,500 staff at its City Park base worked in the mature savings department.

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But after this week's announcement the firm moved to reassure its employees that it was ‘business as usual’ for the next 18 months.

On Thursday (December 7), a Legal & General spokesman, said: “Following yesterday’s announcement, it is important to stress that it will be business as usual in our mature savings business for 18 months – until the summer of 2019 – which gives us time to hold discussions with staff about other opportunities, including at Legal & General’s offices in Hove.”

The company said there may be a chance for at-risk staff to move into other parts of the business in Hove, or relocate to Hitchin, where Swiss Re has a base.

Nigel Wilson, chief executive officer of Legal & General Group, said: “This was a difficult decision as with-profits savings has been a part of Legal & General’s UK business for over 50 years.

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“However we have in Swiss Re a great partner, who will be an excellent steward of the business and its many customers and policyholders.

“Selling mature savings is the right decision for us – another important, measured, step in growing our company and updating our products.

“It will drive further earnings growth by allowing us to focus on our successful market-leading businesses and to accelerate the scaling up of our growth businesses.”