RSA’s decision to withdraw from writing motor trade insurance has provoked a mixture of surprise, frustration and respect in the market.
The insurer said in mid-September that the move would affect 2,300 policies and confirmed it would not renew existing ones after 1 November 2012.
Jon Hancock, RSA’s managing director of UK commercial explained the insurer’s rationale was underpinned by tough market conditions, poor results and the need to pull back from unprofitable areas.
RSA will also sell it
- Bollington set to buy after Wilson merger and organic growth
- FCA issues another clone broker warning
- Gallagher buys Portmore Insurance Brokers
- Axa XL to move EU arm to Dublin
- InsurTech Futures: Four major insurers join ex-Aviva director Fraser Edmond's platform
- HNW Forum: The challenge for brokers insuring Family Offices
- HNW Forum: Experts debate impact of MGAs on the market