RSA unit acquires Nordic marine hull portfolio
by Gill Montia
Story link: RSA unit acquires Nordic marine hull portfolio
RSA’s Danish subsidiary, Codan Forsikring A/S, has acquired the renewal rights to Nordic insurer, TrygVesta’s, marine hull portfolio.
The group says the £6 million cash transaction is in line with its focus on targeted growth in specialty lines, and will strengthen Codan’s position as the third-largest marine insurer in the Nordic region.
TrygVesta’s portfolio represents around [...]
RSA highlights risks for recovering manufacturers
by Gill Montia
Story link: RSA highlights risks for recovering manufacturers
RSA is convinced that economic recovery is on its way and warning UK manufacturing businesses to check out their insurance cover as orders increase.
Since mid-2007, orders have decreased significantly, resulting in substantial job cuts and site closures.
However, new figures from manufacturers’ organisation, EEF, show growth in both output and orders, and the insurer [...]
RSA sees decline in annual profits
by Richard Kilner
Story link: RSA sees decline in annual profits
RSA has released its financial performance figures for 2009, describing the year as one that saw the firm enjoy a strong performance.
Net written premiums rose by 4% to £6.7bn, and RSA achieved an operating result of £777m.
Pre-tax profits were recorded at £554m, a decline of 27% from 2008’s pre-tax profits of £759m.
Profits after tax [...]
Insurers consider appeal on pleural plaques judgment
by Gill Montia
Story link: Insurers consider appeal on pleural plaques judgment
The Association of British Insurers (ABI) has commented on a legal judgment relating to the Damages (Asbestos Related Conditions) (Scotland) Act 2009.
The Act includes pleural plaques as a condition for which compensation is payable in Scotland, but insurers have argued that the plaques, which are areas of fibrosis present on the inner surface of the [...]
Towergate names Allianz top performing insurer
by Gill Montia
Story link: Towergate names Allianz top performing insurer
Towergate Risk Solutions has named Allianz and RBS-owned NIG as the top performing insurers servicing its broking operations.
The research, conducted among the group’s 100 plus broking offices, rates insurer performance when dealing with: quotations; renewals; policy documentation; mid term adjustments; claims and general service.
The key findings of the Q3 2009 survey revealed that:
Allianz scored consistent [...]
Rumours of £600m acquisition by RSA
by David Masters
Story link: Rumours of £600m acquisition by RSA
UK-based insurer RSA is mulling over acquisitions worth up to £600 million, industry analysts claimed Monday.
Analysts at research firm Keefe, Bruyette & Woods (KBW) said RSA is considering “recently emerged opportunities that could be larger than ‘bolt-on’ acquisitions”.
Potential investments include “UK marine and specialist commercial lines, Latin American and Canada,” KBW said.
RSA has a stated [...]
RSA protects business travellers with new alliance
by Gill Montia
Story link: RSA protects business travellers with new alliance
RSA has formed an alliance with First Assist and Drum Cussac, both of which specialise in medical and security assistance.
The agreement will bolster RSA’s personal accident and business travel offering by reducing exposure to medical and security risks.
The group’s personal accident manager, Toni LePine, comments: “In the current climate of heightened security risks and dangers [...]
RSA warns builders to protect halted sites
by David Masters
Story link: RSA warns builders to protect halted sites
Construction projects put on hold because of the recession should be adequately protected, insurance firm RSA said this week.
RSA said construction firms must take better care of temporarily suspended construction sites or face an increased risk of damage.
Sites that fail to follow advice given by their insurance firm will not be insured if equipment is [...]
RSA takes £1.9bn pension liability insurance
by Gill Montia
Story link: RSA takes £1.9bn pension liability insurance
RSA has taken out a £1.9 billion insurance policy to protect against its future pension liabilities.
The group has secured a deal with Rothesay Life, a subsidiary of Goldman Sachs, to cover increased funding from 2010.
The insurer’s final-salary scheme is already closed to new members.
The news comes as new figures from the Pension Protection Fund show [...]
RSA: Risk taking vital for healthy economy
by David Masters
Story link: RSA: Risk taking vital for healthy economy
A fear of risk induced by the credit crunch is causing UK firms to miss out on valid business opportunities, according to new research by RSA.
Over-cautious business leaders are shunning risk despite recognising that risk taking is an important part of building a profitable business, the study warned.
Nearly two thirds (63%) of business leaders polled [...]
RSA launches Data Security Standard support
by Gill Montia
Story link: RSA launches Data Security Standard support
RSA is offering companies an opportunity to improve their IT security in a bid to reduce credit card fraud and protect customer data.
The insurer is introducing a new scheme which includes workshops, consultancy and online analysis, aimed at supporting firms in achieving the Payment Card Industry Data Security Standard, set by the Security Standards Council. [...]
RSA reports strong international performance
by David Masters
Story link: RSA reports strong international performance
RSA Insurance Group yesterday reported that first quarter net written premiums held steady despite a slowdown in UK business.
Net written premiums for the three months to 31 March 2009 were £1.85 billion, an increase of 8% on year.
International net written premiums increased 12%, whilst emerging markets increased 20% to £195 million.
This strong international performance offset [...]
RSA Bristol office to close with the loss of 400 jobs
by Gill Montia
Story link: RSA Bristol office to close with the loss of 400 jobs
RSA is closing its Bristol offices, with the loss of around 400 jobs.
The move forms part of a cost-cutting exercise aimed at saving £70 million and involving 1,200 job losses in total by mid-2010.
RSA employs around 8,000 staff in the UK and further redundancies are expected countrywide and across all levels; the insurer’s main sites [...]
RSA acquires Benchmark Underwriting
by David Masters
Story link: RSA acquires Benchmark Underwriting
RSA Insurance Group yesterday announced the acquisition of Ireland-based Benchmark Underwriting Limited.
Established in 2004, Benchmark provides household and commercial insurance, and has gross assets of €3 million.
Its gross written premiums in 2008 were around €10 million.
Philip Smith, RSA Insurance Ireland chief executive said: “We have a very strong business in Ireland and this acquisition is [...]
RSA cuts 1,200 jobs as profits rise 13%
by Gill Montia
Story link: RSA cuts 1,200 jobs as profits rise 13%
RSA has revealed plans to cut 1,200 jobs in the UK by mid-2010, as part of a cost reduction strategy aimed at making savings of £70 million.
The news comes alongside the insurer’s results for 2008, which include a 13% rise in pre-tax profit, to £759 million; net written premiums rose 11% year-on-year, to £6.5 billion. [...]
RSA launches Prestige Repairer Network
by Gill Montia
Story link: RSA launches Prestige Repairer Network
RSA has announced that it has extended its UK repair network, which can now cater for customers with high value cars such as Aston Martins and Porsches.
The new Prestige Repairer Network has been developed alongside a programme of interviews with customers and brokers, aimed at assessing their expectations of a claims service.
From the [...]
RSA to acquire Intouch Insurance
by David Masters
Story link: RSA to acquire Intouch Insurance
RSA has confirmed plans to acquire the remaining 50% of its Central and Eastern Europe venture, Intouch Insurance Group BV.
Currently, RSA shares ownership with Direct Insurance Financial Investments.
Multinational insurer RSA – which writes business in over 130 countries – said the acquisition will be made in cash for an expected price of around €70 million.
A [...]
Insurance fraud more acceptable during recession
by David Masters
Story link: Insurance fraud more acceptable during recession
Economic gloom is changing the UK’s attitude to insurance fraud, with a 27% increase in the number of people who see submitting a fraudulent claim as acceptable.
A survey by insurance group RSA found that 4.7 million Brits have no problem with submitting a false claim – an increase of one million compared to March 2008.
One [...]
Saudi bank to launch insurance arm
by David Masters
Story link: Saudi bank to launch insurance arm
Saudi Arabia’s Riyad Bank yesterday announced plans to launch a new insurance business.
The new company – named “The Global Company for Cooperative Insurance” – will be set up in conjunction with UK-based Royal & Sun Alliance, and will be partly floated on the Saudi stock exchange.
It will be launched with 200 million Saudi riyals ($53 [...]
Information sharing threatens fraudsters’ credit histories
by Gill Montia
Story link: Information sharing threatens fraudsters’ credit histories
RSA Group has published the results of a survey on insurance fraud, which suggests that 1.2 million Britons do not believe it is wrong to lie when making an insurance claim.
Over half of those surveyed thought people who commit insurance fraud were likely to get away with it, however, 74% of respondents were aware that [...]
