Direct Line Insurance Plans to Lay Off 550 Employees in the UK

Foreks - Direct Line Insurance Group announced plans to cut 550 positions, representing approximately 5% of its global workforce, and reported that the decline in gross written premiums in the third quarter was due to underperformance in its motor insurance business. The British insurer is struggling to revitalize its operations as part of a turnaround strategy initiated by CEO Adam Winslow after fending off a £3.17 billion takeover bid from Belgian rival Ageas in March.