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, [...]
Leisuredays has launched a new residential park home/lodge policy. The firm, which specialises in the static caravan, holiday home, chalet and lodge insurance market, has developed the policy in conjunction with RSA. Cover provides for replacement of a home damaged beyond repair regardless of age, subject to policy terms and conditions. The cost of debris [...]
An investigation by the BBC claims to have exposed a major cash-for-crash insurance scam in the Midlands. Undercover reporters allege that a Woverhampton-based outfit, run by Zeeshan Ahmad, fakes accidents by smashing up cars in a yard. In return for a fee, the journalists agreed to admit liability for an “accident” and handed over their [...]
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 [...]
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 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 [...]
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 [...]
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: [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
