Reinsurance News
RSA
RSA posts £718mn 2020 underlying profit, details reinsurance renewals
26th February 2021
UK insurer RSA has announced an underlying profit before tax of £718 million for full year 2020, up 15% from 2019. Additionally, group business operating result was up 15% at £751 million. In aggregate, the estimated net impact of COVID-19 from premiums, claims and investment income effects is a £42 million drag ... Read the full article
Intact gains approvals for RSA acquisition
20th January 2021
Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA. The company also received unconditional approval for the Acquisition from the Canadian Competition Bureau. A majority of RSA shareholders likewise voted to approve the acquisition. Back in November, Intact announced the successful completion of a ... Read the full article
Industry split over Supreme Court BI ruling
19th January 2021
With the re/insurance industry still coming to terms with the UK Supreme Court's recent business interruption ruling, we polled our industry contacts and had 270 responses on whether or not they agreed with the outcome. Despite a slim majority siding with the decision to uphold the original High Court ruling, responses ... Read the full article
RSA expects reinsurance to apply following Court’s BI ruling
15th January 2021
Insurer RSA Insurance Group plc has said that following the UK Supreme Court's ruling on the Financial Conduct Authority’s (FCA) business interruption (BI) insurance test case, reinsurance protection is expected to come into play. The Court upheld the judgement on the FCA's BI insurance test case at the appeal stage, ... Read the full article
Steve Watson to lead RSA’s London Market business
16th December 2020
RSA UK and International has named Steve Watson as Managing Director of its London Market business, part of RSA Commercial Lines. Watson has been leading the London Market business on an interim basis since August 2020, following the retirement of former head, Gary Long. Having joined RSA in May 2019 as Group ... Read the full article
Intact raises funds for proposed RSA takeover
13th November 2020
Intact Financial Corporation has announced that it has entered into an agreement with a group of underwriters, led by CIBC Capital Markets and Barclays Capital Canada, Inc., designed to finance a slice of its proposed acquisition of UK insurer RSA. Under this arrangement, the underwriters have agreed to purchase, on a ... Read the full article
RSA comments on £7.2bn takeover proposal from Intact & Tryg
6th November 2020
The Board of RSA Insurance Group has confirmed that the UK insurer has received a proposal from a consortium comprised of Intact Financial Corporation and Tryg A/S regarding a possible offer for the company. The proposal includes 685 in cash per RSA share, alongside payment by RSA of the announced interim ... Read the full article
RSA grows underwriting profit, reports 90% combined ratio
5th November 2020
Multinational insurance group RSA has announced that its underwriting profit is “strongly up” at the end of Q3, with a combined ratio of 90%. RSA reported competitive market conditions in Q3, but said that pricing and underwriting actions have been consistent with loss ratio gains and are improving further in many ... Read the full article
RSA decides not to appeal against BI court ruling
21st October 2020
Multinational insurance group RSA has decided not to appeal against the UK High Court's decision in a recent ruling on the COVID-19 business interruption (BI) case brought forward by the FCA. The court largely sided with policyholders in the landmark case, meaning UK insurers are expected to pay out on ... Read the full article
Law firm considering action against twelve insurers after High Court BI win
21st September 2020
Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article
Insurers estimate additional COVID-19 BI costs after UK High Court judgement
15th September 2020
Global re/insurers have responded to the UK's High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional COVID-19 business interruption (BI) claims. Earlier today, the UK court passed its judgement on the Financial Conduct Authority’s (FCA) BI insurance test case, ruling in favour ... Read the full article
Insurers welcome FCA update on pandemic BI claims
1st June 2020
Zurich Insurance Group and RSA are among those to welcome the update from the Financial Conduct Authority (FCA) as the UK regulator seeks to obtain legal clarity on business interruption claims related to the COVID-19 pandemic. After consulting with 56 insurers over the past month, the FCA announced today that ... Read the full article
RSA reports £25mn COVID-19 claims in Q1
7th May 2020
Multinational insurance group RSA has released its results for the first quarter of 2020, which include around £25 million of claims related to the COVID-19 pandemic, net of reinsurance. In total, the company registered 25,000 claims linked to COVID-19 that have coverage and will pay out, of which about 23,000 are ... Read the full article
UK insurers suspend dividends due to COVID-19
8th April 2020
UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article
Rachel Conran named permanent CEO of RSA Luxembourg
2nd October 2019
Multinational insurance group RSA has announced that Rachel Conran has been appointed as the new permanent Chief Executive Officer (CEO) of RSA Luxembourg, the firm's hub for European business. Currently, Conran serves as interim CEO, having joined RSA earlier in the year as Chief Underwriting Officer (CUO) for global risks ... Read the full article
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