XL Group layoffs, on the record
Every job cut, severance charge and restructuring XL Group reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from 7,200 to 7,304.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | 7,200 | December 31, 2015 |
| 10-K for 2016 | 7,400 | — |
| 10-K for 2017 | 7,304 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryCatlin integration restructuring of systems, processes and workforce, with costs recorded in Corporate and Other, including severance, retention, facilities and consulting costs.
Word for word“The Company separately identifies such costs and includes these expenses within Corporate and Other: (U.S. dollars in thousands) Severance related costs Retention and other compensation costs Facilities-related costs Consulting and other Total Costs incurred in 2015 $ 47,185 $ 35,310 $ 14,744 $ 59,129 $ 156,368 2015 payments 31,058 18,341 13,926 35,754 99,079” 10-K for 2015
Our summaryThe company reported a Catlin integration restructuring program covering systems, processes and workforce, with severance, retention, facilities and consulting costs recorded in Corporate and Other.
Word for word“As a part of the integration of Catlin's operations, the Company incurs costs associated with restructuring the systems, processes and workforce.” 10-K for 2016
Our summaryThe company incurred severance, retention, facilities and consulting costs to restructure systems, processes and workforce while integrating Catlin, and finished the integration in the second quarter of 2017.
Word for word“As a part of the integration of Catlin's operations, the Company incurred costs associated with restructuring systems, processes and workforce.” 10-K for 2017
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2016-12-31 | $240.7 million |
| 2017-12-31 | $89.9 million |
XL 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 XL Group’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-02-23. 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.