NEW YORK -- Zurich Financial Services AG, Switzerland's biggest insurer, will eliminate about 400 jobs in the United States, including in Baltimore, as prices for commercial insurance fall.
The cuts amount to 4 percent of the staff at the division selling coverage to businesses, said Mike Foley, the chief executive officer of Illinois-based Zurich North America Commercial.
"It's a competitive marketplace, and we need to be delivering top-tier results," said Foley. "To do that in a challenging rate environment requires the utmost focus on expenses."
The company would not specify the number of job reductions in Baltimore, where it has about 850 employees. "The layoffs were across the organization, and we have a significant operation in Baltimore. So some of them would have to come from there," said spokesman Keith Owens.