Layoffs hit Regina life insurance firm The Co-operators
Fifty-one employees in the Regina office of Co-operators Insurance have been given layoff notices, as part of a company-wide effort to trim staff.
The notices were issued Wednesday.
A spokesman for the company said the move was made to reduce staff numbers by ten per cent.
Leonard Sharman said the company's investment portfolio has been affected by low interest rates.
"Government bonds and corporate bonds that are sensitive to interest rates. When interest rates are low, that really has a negative impact on the bottom line," Sharman explained.
He said the company also recently lost some of its larger group insurance contracts.
Regina is the headquarters of the company's life insurance division, and employs about 750 people.
"We let go 51 people in Regina at all levels, from executives right on through," Sharman said. "And also right across the country. We had some job losses in Ontario as well."