RSA's rating remains negative
Rating agency AM Best has announced that the rating outlook for Royal & SunAlliance remains negative...
Rating agency AM Best has announced that the rating outlook for Royal & SunAlliance remains negative following its recently reported loss of £146m during 2003.
Despite a strong performance throughout the year, RSA's combined operating ratio was 108%. This was due to it pouring more than £0.65bn into shoring up reserves in the second half.
However in the UK, its core market, RSA recorded a commercial underwriting profit of £19m, with a combined ratio of 98.3%.
During the year RSA also reduced the
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