RSA Group
Insurer QC accuses FCA of "hair splitting wordsmithery” as Supreme Court showdown continues
Insurers and the regulator set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
RSA suitors agree cash offer
RSA board says it will recommend the £7.2bn deal to shareholders as Intact and Tryg take next step to buy and split the insurer.
Intact secures billions in funding as RSA sale talks forge ahead
If a firm offer is made Intact will buy RSA's Canadian and UK & International operations.
RSA launches FNOL commercial claims portal
Provider says new platform had been built in collaboration with brokers and designed to simplify the claim reporting process.
Brokers hope "inevitable" RSA sale will inject new life into the "sleeping monolith"
Some brokers expect potential deal to re-energise RSA, while others criticise the provider's "poor performance" and predict an uncertain future for its UK operations.
Orient Express named as "main battleground" ahead of BI test case Supreme Court hearing
The hearing in the FCA's business interruption test case starts on 16 November and will be heard by the same judges that oversaw the Orient Express case, which insurers have been relying on during the court proceedings.
RSA talks value insurer at £7.2bn
Two potential bidders are circling and proposing to split the provider.
RSA confirms sale talks
The insurer stated that Canadian Intact Financial Corporation and Nordic insurer Tryg had approached the business.
Industry unites to tackle dementia
Insurers and brokers are working together to raise funds for Insurance United Against Dementia on the Insurance Day of Giving.
BI dispute: RSA won't appeal on Resilience and two Eaton Gate wordings
The insurer is not challenging the judgement on three wordings as the coronavirus business interruption proceedings head to the Supreme Court.
Search underway for new RSA chairman - report
Martin Scicluna is to exit the provider next year, says Sky News.
Pressure groups’ fury at Supreme Court BI appeals
Eight parties in the FCA business interruption court case have been allowed to leapfrog appeals to the Supreme Court as QIC Europe is denied right to join the test case and Ecclesiastical withdraws.
FCA and insurers apply to leapfrog appeals to Supreme Court in BI test case
Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
Test case insurers respond to High Court BI judgment
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
BI ruling welcome news for policyholders but result differs by wordings
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court judgment today in the FCA's BI test case and those with prevention of access wordings may also find they have cover, law firm…
RSA threatens 300 redundancies
The insurer is also seeking to tackle complexity in its portfolio and downsize its office footprint following increased remote working in the wake of Covid-19.
RSA posts drop in premium in H1 2020
Provider expects Covid-19 premium slip of £110m for the group, including an estimated £81m impact in the UK & International business, as it also reveals a £33m loss on its UK and London market exit portfolios.
RSA QC lambasts ‘clear misuse’ of the word ‘peril’ by action group
Representing RSA, David Turner QC, accused the Hospitality Insurance Group Action of “clear misuse” of the word ‘peril’ on the on the fourth day of the hearing of the Financial Conduct Authority’s Covid-19 business interruption test case.
Action group brands insurers' focus on lack of specific pandemic cover 'a diversionary tactic'
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
Insurers argue FCA victory would lead to ‘injustice’
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Action groups hit out at “absurd” insurer defences in FCA BI case
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
RSA walks back on Marsh criticism in FCA's BI test case
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.