Based on a report by the Insurance Information Institute, inflation is a big problem for insurance companies right now. In recent years, people in Florida have seen some insurance companies leave the state, showing the difficulties these companies are dealing with.
Sadly, an international insurance company with an office in Florida is reportedly having financial problems. This might lead to the loss of dozens to over a hundred jobs in Florida.
With reference to Global Benefits Group, Inc. On its website, the business claims to be “the largest independent…provider of international benefits in the world.”
On its LinkedIn profile, the business describes its services as providing “health, life, disability, and travel insurance.”
Health & Protection claims that the company is presently in “administration,” a process akin to bankruptcy, as a result of a rescue attempt that “collapsed.”
The WARN Letter Clarifying The Florida Office’s Possibility Of Layoffs: Global Benefits Group, Inc.’s attorney stated in a December 31, 2023, Warn letter that layoffs “may” take place at the Miami office of the corporation, contingent on ongoing discussions.
The Possibility of Losing 25–105 Jobs: Should discussions fail, the letter stated that the business expects “additional terminations will likely occur through June 2024,” and that “terminations of approximately 25 Miami office employees will commence around January 5, 2024.” 105 jobs are listed in the letter as “potentially affected.”
A “Fluid” Situation: In an effort to safeguard policyholders and staff, the firm leadership is reportedly in talks with relevant parties, according to the Warn letter. Thus, how these talks turn out could decide whether or not a “significant” number of positions at the Miami office “will be permanently eliminated.”
The WARN letter was sent, according to the corporation, since its circumstances “continue to be fluid.”
This is a work in progress, and I will provide updates. None of the insurance companies, including Global Benefits Group, Inc., are associated with the author.
