RSA: RSA Insurance Group Plc: RSA Insurance Ireland suspends CEO Philip
Smith, CFO Rory O’Connor and Claims Director Peter Burke
UK Regulatory Announcement
IMMEDIATE 8 November 2013
RSA Insurance Ireland suspends CEO Philip Smith, CFO Rory O’Connor and Claims
Director Peter Burke
RSA Insurance Group plc (RSA) announces that RSA Insurance Ireland has
suspended its CEO Philip Smith, CFO Rory O’Connor and Claims Director Peter
Burke pending the outcome of an investigation into issues in the Irish claims
and finance functions which were identified during a routine internal audit.
No findings have been made against any individuals at this time.
As a result of these issues, RSA estimates that its 2013 operating result will
be £70 million lower than current market expectations. RSA Insurance Ireland
has informed the Central Bank of Ireland and is working closely with them.
This issue is separate to the identification of the need to increase reserves
in response to increased bodily injury claim trends announced in our IMS on
Tuesday 5^th November. This review is continuing and it is too early at this
stage to draw any firm conclusions or to reliably estimate the likely
As a result of the above, RSAI plc has today injected capital into RSA
Insurance Ireland to ensure its solvency ratio is comfortably in excess of
200%. No policyholders have been affected and all our Irish businesses
continue to operate as normal.
Adrian Brown (currently CEO UK & Western Europe) is Acting CEO, Chris Rash
(currently Group Chief Accountant) is Acting CFO for RSA Insurance Ireland and
David Pitt (currently Claims Director UK & Western Europe) is taking
operational leadership of the Irish claims function.
Analysts & Investors Press
Matt Hotson Louise Shield
0207 111 7212 020 7111 7047
07711 956 077 07786 114 662
Rupert Taylor Rea Jon Sellors
0207 111 7140 020 7111 7327
07881 677 400 07711 701 806
RSA Insurance Group Plc
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