RSA Czech operation enters run-off
by Richard Kilner
Story link: RSA Czech operation enters run-off
Global insurer RSA has announced that it is to close its direct motor insurer in the Czech Republic, DIRECT Pojiš?ovna, to new business.
The existing portfolio of DIRECT Pojiš?ovna is to be placed into run-off with immediate effect.
Group Chief Executive Officer Simon Lee explained that the firm felt unable to achieve sustainable underwriting profit in the Czech Republic within a reasonable timeframe.
Lee went on to say that the firm had therefore decided to exit the market, but added that existing customers would not be impacted during the remainder of their policy term and emphasised that RSA remained committed to honouring the liabilities of its Czech operation until the run-off is completed.