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Insurer RSA Forced to Cough Up...

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Insurer RSA Forced to Cough Up 83 Million For Irish Operation

98FM
98FM

07:22 9 Nov 2013


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The insurance company RSA which owns 123.ie, has been forced to inject up 83 million euro in its Irish operation

The insurer had not set aside adequate cash to deal with a full range of potential claims by customers.

But the company says customers will not be affected by this.

RSAs chief executive Philip Smith, chief financial officer Rory O'Connor and claims director Peter Burke have all been suspended by the insurer's British parent company, which says no findings have been made against them.

It's understood that the difficulties relate to a lack of adequate funding set aside to deal with claims and reserves.

RSA - which is behind 123.ie - says its profits will be hit by 70 million pounds as a result of the British company having to plough extra money into the Irish operation and bring its reserves back to the usual levels.

However because the insurer is fully owned by its British parent, there'll be no cost to the Irish state.

The Central Bank says the changes don't affect RSA customers but the news does raise questions about the supervision of Irish insurers so quickly after the Quinn Insurance affair.


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