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Daily Insurance Industry News
Wednesday 22nd of March 2017
June 26, 2012

RSA Czech operation enters run-off

by Richard Kilner

Story link: RSA Czech operation enters run-off

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.

 

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