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RSA net written premiums down in Q1 as shakeup continues
May 8, 2014 / 6:21 AM / 3 years ago

RSA net written premiums down in Q1 as shakeup continues

LONDON, May 8 (Reuters) - British insurer RSA said net written premiums fell in the first quarter of the year as a turnaround plan involving disposals and more disciplined trading took hold.

In a trading statement on Thursday, RSA said underlying net written premiums were 4 percent down from a year earlier.

New Chief Executive Stephen Hester said the quarter saw “intense activity” as the group shook up underperforming portfolios while poor weather in Canada, the UK and Ireland impacted profits.

“Underlying premium and profit trends are generally in line with our expectations,” he said.

The company is in the middle of a root and branch shakeup, steered by Hester after weather related losses and accounting irregularities at its Irish arm hit RSA’s finances. (Reporting by Chris Vellacott. Editing by Matt Scuffham)

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