News from Reuters:

Wed Jun 26, 2013 5:26am EDT

(Reuters) – Britain’s Direct Line Insurance Group Plc (DLGD.L), the motor insurer spun out of Royal Bank of Scotland (RBS.L), said it plans to axe about 2,000 positions, joining fellow insurers looking to trim costs and boost profits in a sluggish and competitive market.

The company said the cutbacks would allow it to save a further 130 million pounds ($ 200 million) annually by 2014, targeting a cost-base of about 1 billion pounds in 2014.

Britain’s biggest car insurer, which has about 15,000 employees, has been cutting costs and avoiding high-risk drivers since 2010 to protect itself from stiff competition, and new regulation in the British motor insurance market.

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