Shares in RSA Insurance Group have fallen after three senior executives, including the Chief Executive of RSA Ireland, have been suspended due to ‘issues in the Irish claims and finance functions’.
Shares in Britain’s largest non-life insurer, which includes the More Than brand, have dropped by 14%.
Chief Executive Officer Simon Lee stated: ‘We are extremely disappointed with the issues which have been identified and their financial impact on the group,’ but went on to say: ‘I am confident that these issues are isolated to the Irish Business’.
RSA warned it would miss its profitability target for the second time in a week: it had told investors that it will miss its 10% target for return on equity after last month’s storms in Europe.
Fresh capital has been injected into the Irish Business and PwC has been appointed to conduct a review.