RSA begins new CEO hunt as Lee resigns amid £135m capital injection
RSA has today announced the resignation of Simon Lee, group chief executive.
The news came as RSA said its Irish reserves will need to be strengthened by £130m as a result of its recent review. The majority of which relates to bodily injury strengthening in motor and liability lines. This is in addition to the £70m previously announced on 8 November relating to claims and finance issues in Ireland.
RSA intends to inject £135m of capital into RSA Insurance Ireland today to ensure that the solvency ratio of RSA Insurance Ireland is maintained above 200%.
The PwC review of
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