Aegon consolidating operations to Baltimore, Little Rock

Exact number of jobs unknown

December 02, 2010|By Hanah Cho, The Baltimore Sun

Dutch insurer Aegon's North American base in Baltimore will add more jobs next year when the company's Louisville, Ky., operations are consolidated with offices in the city and in Little Rock, Ark.

The exact number of jobs that will relocate to Baltimore is unknown at this point, but Aegon spokesman Greg Tucker said Thursday that more jobs will likely move to Baltimore than to Little Rock. Of the 400 jobs in Louisville, the consolidation will affect 280 jobs. The information technology department of 120 people will remain there, Tucker said.

The consolidation announced Wednesday is part of the Dutch conglomerate's restructuring efforts around the world. The company also plans to discontinue sales of certain policies in the United States and consolidate and outsource some back-office functions in Cedar Rapids, Iowa. In total, the company will cut up to 500 jobs in the next two years, or about 5 percent of its U.S. work force.

Aegon's Transamerica Life Insurance Co. announced in September that it plans to move to the Light Street tower in downtown Baltimore formerly occupied by Legg Mason. More than 700 employees now working out of two buildings in midtown Baltimore will relocate to the renamed Transamerica Tower by the end of next year.

Transamerica's Baltimore operations are part of a division that offers life insurance, health insurance and financial products. Aegon Americas CEO Mark Mullin will also move to the city from Iowa next year.

hanah.cho@baltsun.com

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