RSA: RSA Insurance Group Plc: Statement re Alberta Floods
UK Regulatory Announcement
Alberta Flood Update
In June, a significant portion of southern Alberta, Canada, experienced
extreme flooding. As Canada’s third largest P&C insurer, RSA Canada has
operations and exposures in the province of Alberta.
As the situation continues to evolve, our priority remains focused on
providing the care and support our customers, brokers and impacted local
employees need to get back on track as quickly as possible. A complete
assessment of the damage will not be available for some time, however, given
the severity of the situation, RSA expects gross claims to be above
reinsurance retentions of C$75m (£48m) leading to net claims of a maximum of
RSA continues to deliver a strong underwriting performance across its
diversified international portfolio. Despite the adverse weather in Alberta,
RSA continues to expect to achieve a combined operating ratio for the full
year 2013 of better than 95%.
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Analysts & Investors Press
Matt Hotson Louise Shield
Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047
Rupert Taylor Rea Jon Sellors
Tel: +44 (0) 20 7111 7140 Tel: +44 (0) 20 7111 7327
With a 300 year heritage, RSA is one of the world’s leading multinational
quoted insurance groups. RSA has major operations in the UK, Scandinavia,
Canada, Ireland, Asia and the Middle East, Latin America and Central and
Eastern Europe and has the capability to write business in over 140 countries.
Focusing on general insurance, RSA has around 23,000 employees and, in 2012,
its net written premiums were £8.4 billion.
This press release may contain ‘forward-looking statements’ with respect to
certain of the Group’s plans and its current goals and expectations relating
to its future financial condition, performance results, strategic initiatives
and objectives. Generally, words such as “may”, “could”, “will”, “expect”,
“intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”,
“seek”, “continue” or similar expressions identify forward-looking statements.
These forward-looking statements are not guarantees of future performance. By
their nature, all forward-looking statements are inherently predictive and
speculative and involve risk and uncertainty because they relate to future
events and circumstances which are beyond the Group’s control, including
amongst other things, UK domestic and global economic business conditions,
market-related risks such as fluctuations in interest rates and exchange
rates, the policies and actions of regulatory authorities, the impact of
competition, inflation, deflation, the timing impact and other uncertainties
of future acquisitions or combinations within relevant industries, as well as
the impact of tax and other legislation or regulations in the jurisdictions in
which the Group and its affiliates operate. As a result, the Group’s actual
future financial condition, performance and results may differ materially from
the plans, goals and expectations set forth in the Group’s forward-looking
statements. Forward-looking statements in this press release are current only
as of the date on which such statements are made. The Group undertakes no
obligation to update any forward-looking statements, save in respect of any
requirement under applicable law or regulation. Nothing in this press release
shall be construed as a profit forecast.
RSA Insurance Group Plc
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