RSA has acquired Oak Underwriting, described as an established and fast-growing underwriting agency specialising in high net worth insurance. Based in the Cotswolds, Oak is solely dedicated to the high net worth market, writing business on behalf of Brit and Chaucer. The firm had gross assets of around £7 million as at 30th June 2010 [...]
Insurers have lost a legal battle to overturn the Damages (Asbestos-related Conditions) (Scotland) Act 2009. Enacted by the Scottish Parliament, the legislation provides that asbestos-related pleural plaques and certain other asbestos-related conditions, constitute personal injury actionable under Scots law. Insurers have long argued that the plaques, which are areas of fibrosis present on the inner [...]
Global insurer RSA has announced the appointment of Chris Colahan as the new chief executive of Hong Kong. Colahan previously served RSA as country manager of Singapore and succeeds Chris Dooley, who vacates the role to become chief executive of the United Arab Emirates (UAE). Colahan has been with the firm for the last six [...]
RSA has launched a new product created specifically for property owners who own and let single or multi-premise portfolios. The offering can provide cover for up to ten buildings, with flexible added options such as landlord’s contents and liability. In addition, cover is available across a wide definition of buildings, including residential, commercial, car parks, [...]
RSA, the global insurer, has announced the appointment of Mark Christer to the position of UK Personal Lines managing director. Christer’s new role will see him assume responsibility for the firm’s Personal Lines business, including MORE TH>N, Personal Lines Broker and Affinity. He has worked for RSA for more than a decade, and was previously [...]
Leading global insurer RSA has announced the appointment of Lloyd East as managing director of Al Ahlia Insurance SAOC, part of the RSA Group. East brings extensive experience to the firm, and during his 20 years in the industry has led joint ventures, strategic alliances and strong teams. He joined the firm two years ago, [...]
RSA has today announced the appointment of Mark Coffey as trading director, personal lines broker, with effect from 1st April 2011. Mr Coffey joins Danny Venner and Vicky Symms as a third trading director, reporting to the group’s managing director, personal lines broker, Steve Kingshott. The appointment completes the restructure of the team, which has [...]
RSA has reported its financial results for 2010, during which net written premiums rose by 11% from £6.7bn to £7.5bn. Emerging markets managed to exceed the net written premium target of £1bn, and net written premiums in India recorded strong growth, rising by 35% to £116m. RSA also predicted strong growth during 2011, with international [...]
Global insurer RSA has announced the appointment of Stuart Purdy as chief executive officer for the Asia & Middle East region (AME). Purdy brings in excess of a quarter of a century of experience to his new position with RSA, and during his lengthy career has worked both in the UK and in Asia. Presently, [...]
In a trading update, RSA calculates the cost of the adverse weather in November and December 2010 at around £142 million above normal levels. However, the group expects its full-year 2010 results to show net written premium growth of 11%, a COR of between 96.5% and 97%, and an operating profit in the range of [...]
Seven insurance companies and two IT software and service providers have provisionally agreed to limit the data they exchange, following competition law concerns raised by the Office of Fair Trading (OFT). Ageas, Aviva, AXA Insurance UK, Liverpool Victoria Friendly Society, RBS Insurance, RSA and Zurich, plus IT firms Experian and SSP, have all offered formal [...]
New research indicates that while 56% of personal car insurance customers have used the same provider for the past year, policy retention rates vary widely between companies. According to the J.D. Power and Associates’ 2010 UK Auto Insurance Customer Satisfaction Study, some of the UK’s highest-performing car insurers renew more than eight in 10 policyholders, [...]
RSA has acquired Canadian firm, GCAN Insurance. The mid-market, large risks & specialty commercial insurer offers a range of products, including Property, Liability and Motor. It has a strong track record of profitability, with a combined operating ratio of 81% and gross written premiums of £57 million in 2009. The transaction, which is subject to [...]
RSA has launched a product created specifically for owners and operators of small business fleets. The new Mini Fleet policy can provide cover for fleets of between two and 15 vehicles (which need to be predominantly for business use) including cars, vans, small trucks, trailers and forklifts. Brokers can access the offering via several e-trading [...]
Aviva has confirmed that in late July, the company received a conditional proposal from RSA to acquire its general insurance (GI) businesses in the UK, Ireland and Canada (excluding RAC and Health), for £5 billion, to be funded entirely from a rights issue by RSA. Having recently completed a strategic review, the insurer concluded that [...]
RSA recorded a 9% rise in net written premiums in the first half of 2010, to £3.8 billion, although pre-tax profit increased only slightly on the previous six month period, to £302 million. In the UK premiums were up by 9% to £1.5 billion: personal premiums rose 10% to £0.6 billion, with motor increasing 14% [...]
RSA is acquiring 123 Money Limited, a fastest-growing direct distributor of personal lines insurance products in Ireland. Founded in 2002 and trading as 123.ie, the Dublin-based firm offers motor, home and pet insurance. It employs almost 200 staff, has around 170,000 policyholders and generated premium income of about €60 million in the year to the [...]
Global insurer RSA has announced the appointment of Derek Walsh as its new general counsel. In his new position Walsh will assume responsibility for leadership of the Legal, Group Secretarial and Group Regulatory Risk and Compliance teams. He brings more than a decade and a half of experience to the firm, and previously worked for [...]
RSA has expanded its Renewable team with the appointment of Soledad Vitale as a Renewable Energy underwriter. The group now has three such underwriters, providing clients with a dedicated resource for advice and cover. Previously working for Marsh’s Argentinian operations, Ms Vitale moved to the UK to take up a post as underwriter for Construction, [...]
