New York CNN —California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth.
The jobs being cut are from across all areas of the company, according to a statement on its website.
Last month, Farmers announced it would stop offering its policies in Florida, saying in a statement that the decision was necessary to manage its risk exposure in the hurricane-prone state.
Farmers has also limited new homeowners insurance policies in California because of high costs and wildfire risks.
The layoffs come after T-Mobile and CVS also announced thousands of job cuts this month, though the US labor market remains strong overall.
Persons:
“, ”, Raul Vargas, — CNN’s Jordan Valinsky
Organizations:
New, New York CNN —, Farmers Insurance, Farmers, Farmers Group, Inc, Farm, Allstate, Mobile, CVS
Locations:
New York, New York CNN — California, Florida, California