Fremont Lays of 205

Fremont Compensation Insurance Group announced the lay-off 205 people in an effort to reduce costs. workcompcentral.com understands that the majority of job cuts are in California claims and legal divisions. Fremont has been under pressure to control expenses after growing rapidly in the last few years purchasing distressed carriers. Reserve problems and poor profitability has impacted Fremont's stock price negatively, and worsening credit ratings don't help. A company memo distributed to employees and producers said that Fremont needs to operate more efficiently in order to compete. Fremon...