Tyler Jett covers jobs and the economy for the Des Moines Register. The city plans to relocate scattered offices to the 360,000-square-foot structure and its 1,690-space parking garage, including, possibly, the police department. Nationwide Mutual Insurance Co., meanwhile, has reached an agreement to sell one of its downtown buildings, at 1200 Locust St., to the city as remote work reduces its space needs. It had laid off 55 workers the previous fall after saying it planned to leave those markets. And in February, Des Moines-headquartered Principal Financial Group announced it had found a buyer for its fixed retail annuity and commercial life insurance lines. 22 as its Des Moines-based mortgage business struggles amid rising interest rates. The EMC job cuts announcement comes after another major financial industry employer in the Des Moines metro, Wells Fargo, made 10 rounds of layoffs from April to Sept. West side of Kaleidoscope at the HUB at 555 Walnut St.However, the company announced in January that it wants to sell the: In addition to its own offices, EMC has been a prominent downtown landlord. But after many employees began working from home during the COVID-19 pandemic, executives announced that, in an agreement with the city of Des Moines, they would put that plan on hold and turn the space at least temporarily into a new public park. The company opened a $40 million office at Eighth and Walnut Streets in 2017.ĮMC had further downtown expansion aspirations, announcing plans to build offices on the former site of the Younkers department store across Walnut Street from its headquarters. The company operates three local offices, including the 20-story "Vodka" building, nicknamed for its likeness to a bottle of Absolut. Reinsurance is a hedging technique in which one company sells a bundle of policies to another company, spreading the risk from potentially expensive customers. The buyer, meanwhile, receives the business at a discount, betting that those customers aren't as risky as the seller believes and that that the customers' premiums will outweigh any eventual costs.Īs for what EMC will do with its reinsurance business, Jean said in his statement, "Options for the management and/or runoff of existing reinsurance business are currently being explored."įounded in Des Moines 110 years ago, EMC has long maintained a prominent presence downtown. The company also offers commercial property, casualty and life insurance. More: See inside new downtown Des Moines federal courthouse, expected to open next summerĪccording to its news release, EMC received about $180 million in annual premiums from reinsurance, representing about 10% of the company's total business. "While an extremely difficult position, EMC felt this move was necessary to position the company for the future and the achievement of its strategic plans and goals," CEO Scott Jean said in a statement. The company said the affected employees will lose their jobs in waves next year, starting Jan. The company declined to say how many of those positions are in central Iowa, where half of EMC's 2,200 U.S. The Des Moines-based insurer announced in a news release Tuesday that executives have decided to exit the reinsurance segment, costing 65 workers their jobs. will cut some jobs next year as it ends a line of business.
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