Sunday February 23, 2020

Shareholders left reeling as RSA needs further £135m to plug Irish reserve hole

The insurance company claimed its Irish bailout would place strain on its capital position and threaten its dividend payments, writes Jon Ihle.

15th December, 2013
Simon Lee, chief executive officer of RSA Insurance Group, gestures during the Insurance and Government: Today, Tomorrow and Beyond' summit in London. Picture: Bloomberg

RSA, Britain's largest non-life insurer, may have to raise new capital to repair the group's balance sheet after an investigation into financial irregularities at its relatively small Irish business revealed a hole in the reserves nearly three times larger than expected.

Shareholders were left reeling last Friday when the Ftse 100 company said it would have to put £135 million more into RSA Insurance Ireland - on top of the £70 million already injected last...

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