With the acquisition of National General expected to be closed on and completed in early 2021 and with another 8000 "new" Allstaters coming aboard I would suggest being vigilant for this time next year for a repeat of what we are seeing now to at least some extent.
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I agree totally with there will be many layoffs between now and 2032. So agree with that. And based on slide #10 of the “Acquisition of National General Holdings Corp.”, there will probably layoffs a little sooner than 2032. The slide shows “Acquisition generates COST SYNERGIES WHILE BUILDING a platform to drive profitable growth”. The third point under that title reads “SIGNIFICANT EXPENSE EFFICIENCIES TO BE REALIZED BEGINNING IN YEAR ONE”. Based on the words of the CEO, expense efficiencies will be realized in “year ONE”, not year twelve.
I expect many layoffs between now and 2032
- eliminating redundancy and increasing reduction in force.
I would expect there will be mass layoffs because of the purchase of National General. National General will most likely maintain its name. Keep in mind National General was purchased to absorb Encompass and the Allstate IA world. The IA distribution will become ONE under National General. Keep in mind this transformative growth is actually a restructure of the Allstate. So there will not be an Allstate IA FSL, an Encompass FSL, and a National General FSL all three visiting the same independent agent. Eventually that independent agent that once wrote business for Allstate, AND Encompass, AND National General will write business for National General with one FSL support. No redundancy as it is today. That’s what transformative growth is about...eliminating redundancy and reduction in force.
I wouldn't expect MASS layoffs based on the purchase of National General - they were their own company and I'd expect them to continue operating like one in some aspect. Until they lose their name and become traditional Allstate (not similar to eSurance's "Powered by Allstate", but eSurance losing their name) I wouldn't worry.
Transformative Growth may continue to drive layoffs.