CGU will cut 600 jobs over the next three years under a $75 million restructure of its business.
 
CEO Peter Harmer said this morning the insurer will manage downsizing through natural attrition “where possible”.

IAG will host a briefing on CGU’s revised operating model this morning at 11am.

The new operating model will save CGU $25 million in the 2013 financial year, rising to an annual pre-tax benefit of $65 million by the end of 2015.

“This model simplifies our structure, making it easier for brokers and agents to deal with us and access the immense knowledge and expertise that sits within our organisation,” Mr Harmer said.

More details in Monday’s bulletin.