Citing the need to cut costs and operate more efficiently, Transamerica Insurance Group said Wednesday that it plans to transfer most of its Southland operations next spring to the Dallas-Ft. Worth area, resulting in the loss of more than 1,300 jobs.
About 1,000 of those job losses will come from Transamerica's headquarters in Woodland Hills, which will be moved in its entirety to Texas. But the company said it will also close offices in Orange and Monrovia, moving to Dallas-Ft. Worth 250 jobs from Orange and 88 from Monrovia.
The move, announced to employees Tuesday, is the latest in a restructuring at the troubled property-casualty insurer, which is owned by TIG Holdings of New York. Last month, TIG laid off 500 of its 4,022 Transamerica employees nationwide, including 149 in the San Fernando Valley.
Transamerica had been contemplating a move since early this year, saying it wanted to reduce operating costs.