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Sale Brings Layoffs, Early Retirement for 115 Holmdel, N.J., Insurance Workers.
Knight Ridder/Tribune Business News, November, 2003
By Michael L. Diamond, Asbury Park Press, N.J. Knight Ridder/Tribune Business News
Nov. 4--HOLMDEL, N.J.--About 115 employees of Prudential Property & Casualty Insurance Co. have lost their jobs, either through layoffs or early retirement, as the result of the company's acquisition by two other insurers.
The acquisition, which was announced in May, took effect yesterday.
The property and casualty division, a subsidiary of Prudential Financial Inc., was split and sold to Liberty Mutual Group and Palisades Group.
Berkeley Heights-based Palisades Group created a new company, High Point Insurance Cos., to take over Prudential's 490,000 New Jersey policies. It will continue to provide automobile and home insurance at the existing...
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