Zurich to cut 440 U.K. jobs in continued restructuring

Zurich Insurance Group Ltd. on Monday announced it would cut about 440 jobs in its U.K. general insurance division as part of a plan to reduce costs and simplify the unit's operating structure.

Zurich said Monday that it was consulting with staff about the job reductions.

The insurer said that conditions in the U.K. general insurance marketplace had become more challenging and that it aimed to reduce costs by about £40 million ($60 million) over the next two years.

Zurich last week reported a 78.6% decline in third quarter net income, to $207 million, caused in part

by losses in its U.S. transportation business as well as from the Tianjin, China, port explosions in August.

Zurich in September announced a review of its business after pulling out of talks to buy London-based rival RSA Insurance Group P.L.C.