The St. Paul Cos. said yesterday that it plans to lay off 50 workers from its Baltimore offices as part of a plan to cut costs and get out of unprofitable businesses, such as malpractice insurance.
A considerable number of the job losses in Baltimore will be security jobs, which the company plans to outsource, said spokesman Patrick Hirigoyen.
The fourth-largest U.S. business insurer is cutting 1,150 jobs company-wide, more than the 750 it had initially announced last year. Most of the cuts will come from overseas, where the St. Paul, Minn.-based insurer plans on shutting down or selling international and reinsurance offices. "We have international and reinsurance offices in New Zealand, Africa and several European countries," Hirigoyen said. "They're all small operations, but that adds up."