RSA not scared to "walk away" from business - Stephen Hester
Group CEO says provider is to take action on pricing and portfolio reshaping following £70m UK underwriting loss in Q3 2018.
RSA group chief executive Stephen Hester has stated that the insurer’s UK and London market business is a “substantial headache”.
The comment followed RSA’s shock warning last week that its UK underwriting business had suffered a loss of £70m in the third quarter of 2018.
In addition, the combined operating ratio for the UK and London market business deteriorated to 110%.
In a call with analysts on 28 September Hester stated that a substantial amount of the loss was down to “random volatility
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