OneBeacon Insurance Group layoffs, on the record
Every job cut, severance charge and restructuring OneBeacon Insurance Group reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 1,200 to approximately 1,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 1,200 | December 31, 2014 |
| 10-K for 2015 | approximately 1,150 | December 31, 2015 |
| 10-K for 2016 | approximately 1,100 | December 31, 2016 |
Job cuts, severance and restructuring
Our summarySome vested participants in the Qualified Plan received additional special termination benefit payments when their employment ended in a reduction in force.
Word for word“Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force.” 10-K for 2014
Our summaryRestructured the former professional insurance segment into four separate underwriting operating segments within Specialty Products.
Word for word“Also during 2015, we restructured our former Professional Insurance underwriting operating segment into four separate underwriting operating segments, which are included in Specialty Products: Healthcare , Management Liability , Financial Services and Other Professional Lines .” 10-K for 2015
Our summaryRecorded severance costs and separation costs tied to senior management restructuring, which hurt the expense ratio.
Word for word“Additionally, 2015 was negatively impacted by the exit of the Crop business, separation costs associated with senior management restructuring, and severance costs incurred in the current year.” 10-K for 2015
Our summaryWrote off capitalized software associated with senior management restructuring.
Word for word“During the year ended December 31, 2015 the Company recognized a $1.6 million pre-tax impairment of certain capitalized software associated with senior management restructuring.” 10-K for 2015
Our summaryHeadcount reductions in 2016 lowered salary and incentive compensation expense, which helped offset a higher expense ratio.
Word for word“The expense ratio increased 1.0 point to 37.7% for 2016 , driven by the negative impact of lower earned premiums and increased commissions due to business mix in 2016 more than offsetting reduced salary and incentive compensation expense driven by headcount reductions and lower relative incentive compensation performance factors.” 10-K for 2016
Our summaryThe 2015 expense ratio was hurt by separation costs from the senior management restructuring, severance costs, and the exit of the Crop business.
Word for word“Additionally, the 2015 ratio was negatively impacted by the exit of the Crop business, separation costs associated with senior management restructuring and severance costs.” 10-K for 2016
Our summarySpecial termination benefits were paid from the pension plan to certain vested participants whose jobs ended in a reduction in force.
Word for word“(2) Special termination benefits represent additional payments made from the Qualified Plan to certain vested participants when their employment was terminated due to a reduction in force.” 10-K for 2016
OneBeacon Insurance Group has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from OneBeacon Insurance Group’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.