Partner and Garda Life face a bleak future as Swedish investor pulls out

As a result of a decision made by Swedish investor, SEB group, to withdraw from TUiR Partner and Garda Life, the two insurance companies are now seriously considering making a large number of redundancies. The labor unions are demanding explanations from the management and expect liquidation activities to be halted. However the management of Partner and Garda Life are also preparing to close the companies down in the event that a new investor is not found. The two insurers employ a total of 120 workers. Negotiations are being held with new potential investors who, according to an anonymous source quoted by Puls Biznesu, are willing to enter the companies or take over their portfolios. "All solutions are possible so the companies must be ready for any eventuality," said Jerzy Szreniawski, a spokesperson for the Swedish investor. In the first quarter of this year Partner's losses rose to zl. 1.2 million and Garda's to zl. 1.1 million. (Puls Biznesu, p. 5) A.K.