Columbian Mutual, Syracuse firm set to combine some positions
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October 1, 2007
VESTAL - Now that Columbian Mutual Life Insurance's merger with a Syracuse insurer is complete, managers are figuring out who will keep their jobs and how to combine their respective systems.
Columbian Mutual's merger with Farmers and Traders Life Insurance was finalized Monday. As a result, the company will look to eliminate redundant positions, even though it will continue to maintain offices in Vestal and Syracuse.
"We know that, for example, there's no need for two presidents of the company, no need for two general counsels," said Daniel J. Fischer, senior vice president and general counsel at Columbian Mutual. "There are certain duplicative positions we will reduce, but no final decisions have been made with respect to possible layoffs."
Some eliminated positions may be offset by reassignment within the company, he said. He said the company, which employs 300 -- 215 in Vestal, 85 in Syracuse -- has not yet determined how many people will lose their jobs.
Next on the company's to-do list is to move to a single administrative system to reduce costs, Fischer said.
While headquarters will remain in Vestal, that doesn't necessarily mean employees here are safe from layoffs, he said. "We are going to look at all positions to keep the best people, irrespective of location."
Since Columbian Mutual and Farmers and Traders are mutual life insurance companies, they are owned by policyholders. Farmers and Traders policyholders are now policyholders of Columbian Mutual.
"We think this merger gives policyholders of both companies a larger, financially stronger organization," Fischer said.
The combined organization has assets of more than $1 billion and reported a surplus, as of Monday, of $70 million. Thomas E. Rattmann, chairman, president and chief executive officer of Columbian Mutual, praised Farmers and Traders as having been a "financially solid company" whose product line "fit well with our own organization."
Columbian Mutual is part of the Columbian Financial Group of companies.
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