DDOR "Novi Sad" to lay off 200 employees by end of year

- Insurance company DDOR "Novi Sad" will cut the number of employees by 200, to 2,000, until the end of the year - the Director General of that company, Christian Oto-Neu, announced today (October 28, 2009).

He said at the press conference that 900 out of 2,000 people who would stay in the company would exclusively sell insurance policies, and he added that half of 160 people with whom the management had spoken to the date had accepted severance pays to leave the company voluntarily.

Mr. Oto-Neu said that DDOR "Novi Sad" had turned 200m RSD worth of profit for the first nine months of year 2009.

The Director General of DDOR said that that insurance company would resume reoganization of operations, but he added that the number of workers would not be additionally reduced.

Italian insurance group "Fondiaria SAI" took over DDOR "Novi Sad" in January 2008.