UPDATE 1-RSA cuts some London-based global business in profit pursuit [Reuters (UK)]
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Source: Reuters
UPDATE 1-RSA cuts some London-based global business in profit pursuit | Reuters 2 Min Read * To exit three lines of international business * To focus on four areas, including renewable energy * Changes to cut premiums written by a third in 2019 (Adds detail from statement, bullet points) By Simon Jessop and Emma Rumney LONDON, Nov 13 (Reuters) - RSA plans to pull out of several international business lines run out of London which it says are unlikely to produce the returns which the British insurer is seeking following a September profit warning. Closing International Construction, International Freight and Fixed Price Marine Protection and Indemnity Insurance was part of efforts to streamline international exposure and improve underwriting, pricing accuracy and risk management, RSA said. The decision to ditch the businesses followed RSA’s assessment that they were “unlikely to satisfy the Group’s profitability requirements in the foreseeable future”. It mirrors similar action by riva
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