UK insurer to axe 700 jobs

More Than insurer Royal & Sun Alliance said today it planned to cut 700 jobs, including an estimated 500 positions in the UK.

The proposed move, which should be completed by the middle of next year, comes as the company looks for additional annual cost savings of around £70m (€103m).

Meanwhile, Royal & Sun Alliance said it expected the financial impact of floods in June and July to be in the region of £120m (€176m).