Another Insurance Company in Eastern Iowa Has Announced Layoffs
Last week, we told you about layoffs at Cedar Rapids-based United Fire Group. Turns out, they weren't the only insurance company with a corporate office in eastern Iowa that announced a lowering of their workforce.
United Fire Group (UFG) revealed on Tuesday, October 24 that they were laying off 40 workers, 28 of them in eastern Iowa. The layoffs were effective immediately for the company that employs more than 1,000 in Linn County.
Founded in 1946, UFG's corporate headquarters have been on 2nd Ave. SE in downtown Cedar Rapids since 1964.
The day before the layoffs were announced by United Fire Group, Geico had divulged layoffs of their own.
In a November 1 post on Iowa's Worker Adjustment and Retraining Notification (WARN) Act website, Geico acknowledged the layoff of 25 workers was divulged on Monday, October 23. All of the impacted workers are employed through the Geico Regional Office in North Liberty, which sits along I-380. According to the Corridor Business Journal, the layoffs will not take effect until Monday, December 18, 2023.
Todd Combs, who's Geico's chairman, president, and CEO, had revealed in a memo to employees the week before the layoff was announced that the company would be laying off approximately 2,000 people. That's about 6 percent of the company's total workforce.
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