RSA UK unit to take Q3 catastrophe hit

Insurer RSA has warned that catastrophe losses from the US, Caribbean and Mexico will hit the third quarter results of its UK business segment.

The insurer said in a trading update ahead of an investor meeting this week that trading results for the third quarter to date have been “positive, consistent with prior trends” across the company with the exception of the UK business segment.

It said the recent disasters – which include hurricanes Harvey, Irma, Jose and Maria (pictured) and earthquakes in Mexico – will hit the September results in the marine and international portfolios, which are part of the RSA UK unit.

The company said: “At present losses notified are well below reinsurance limits though the final position will take some weeks to emerge.”

It added: “Otherwise UK underlying results in the quarter continue to reflect the challenges visible in H1, against which underwriting actions are being taken.”

RSA will publish its third quarter results on 2 November.