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e last week, Assurant Health, a division of Assurant Inc. (AIZ), announced that it will slit 130 jobs at its headquarters in Milwaukee, starting October 1, 2010.
This move comes for a part of streamlining the cost structure to better aline the organization to encounter increased costs that ambition come with the implementation of the recently enacted Health Care Reform Act. Elimination of excess workforce will optimize staffing level, thereby maintaining efficiency. Presently, the enterprise has a workforce of around 1,700 employees.
As portion of the hireling restructuring agenda, Assurant Health anticipates to incur charges measuring to $5.5 million in the third 15 min of 2010 and $1.3 million in the emulating quarter. The restructuring is anticipated to be completed by January 2011.
Also, during November 2009, Assurant Health trimmed 94 jobs, of which 61 were from the headquarters and the recess were from other places along the nation. The warranty company likewise has bureaus in Boise [link widoczny dla zalogowanych], Idaho; Miami; and Plymouth, Minnesota.
Yet distinct restructuring move stated final month at Assurant Health was the retirement of its President and Chief Executive Officer, Don Hamm, efficient January 2011. Adam Lamnin, the current king operating commander, will tread into the character of premier and CEO.
Assurant Health [link widoczny dla zalogowanych], which provides individual, short-term and small team health insurance, reported not alteration in revenues during the second quarter of 2010.
Assurant Health, which has traditionally been underperforming, faces a challenging environment. It has condensed on this affair by enhancing its product attempting and changing its pricing and blueprint charts. These initiatives are expected to cultivate margins in the approximate term.
However, we remain cared with the long term implication that the recently enacted Health Care Reform Act might have above the company. A reduction in proceeds might guide to goodwill impairment in this segment, which will compress the bottom line.