Large insurance company to lay off 1,800 workers

California's largest provider of workers' compensation insurance the State Compensation Insurance Fund announced it will be laying off up to 1,800 workers.

Officials say the cuts will take effect in 2012 and expect the layoffs to save the company $150 million per year in employee costs.

Officials would not say which facilities or counties would see the biggest staff cutbacks.

The fund currently employs 7,300 employees statewide.

It's the first time the organization has announced layoffs since the great depression.