RSA in shock profit warning
Insurer’s UK business reports £70m underwriting loss as COR worsens to 110%.
RSA Insurance has warned that its UK underwriting business has suffered a loss of £70m in the third quarter of 2018.
The combined operating ratio for the UK and London market business deteriorated to 110%, with the insurer’s marine portfolio taking the largest hit.
In an unscheduled update to the London Stock Exchange today (28 September), RSA stated that the results were driven by an increase in weather-related claims.
The firm reported that it had performed better internationally, but that
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