RSA suffers poor third quarter for UK and London market
RSA sank to a £70m underwriting loss in the third quarter, racking up a poor 110% combined operating ratio (COR).
The business was hit by large losses, attritional claims and higher weather. Marine was hit hardest.
UK premiums are lower as pricing and underwriting actions bed in.
Chief executive Stephen Hester said: “RSA’s international businesses performed well in Q3, making strong progress against our best-in-class ambitions.
”However, our UK and ‘London market’ business reported an underwriting loss which is disappointing. Actions to improve in the UK are well underway and we are determined to restore satisfactory performance whilst continuing our progress internationally.”
There was better news in Scandinavia (c94.5 COR) with improved growth in Swedish personal lines and Canada (88% COR), amid personal broker and commercial premiums up in a hardening market.
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