Redundancy notices were today issued to more than half of Independent Insurance's 2,000 employees by its provisional liquidators Pricewaterhousecoopers.
The 1,044 job losses are concentrated in Independent's sales, marketing and underwriting divisions and were described by PWC as “inevitable” with the insurer no longer writing new business.
The Cheadle office has lost 377 staff, Edenbridge 165 and London 157, with the remaining losses spread across Independent's other operations.
A redundant Independent employee told Insurance Times, that staff have received only the statutory minimum redundancy payment of one week's pay for each year of service, capped at £240 per year of service.
A PWC spokesman confirmed that Independent director John Blakemore who was a member of a panel that selected staff for redundancy has been kept on by the insurer.
