RSA Insurance 'ordered to sell up' by shareholders

clock

Shareholders of RSA Insurance have ordered the firm to be put up for sale after the discovery of a £500m shortfall on its books that forced the resignation of its chief executive.

The Sunday Times reports large investors in the FTSE 100 business have written to demand it solicitor takeover bids. The report said Allianz, Axa and Zurich are all interested in the three hundred year old business. Other investors are calling for the sale of its Canadian business or its rapidly expanding South American operations. Chief executive Simon Lee resigned on Thursday last week following the third profit warning in six weeks. It said an inquiry into its Irish operations led to unexpected losses. The Sunday Times said RSA is likely to scrap its dividend to save £240m as it "s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Protection advisers under 30 report worries about AI use in claims

Protection advisers under 30 report worries about AI use in claims

More concerned about AI used in claims than underwriting

Jaskeet Briah
clock 30 March 2026 • 2 min read
Where next for protection underwriting and customer service?

Where next for protection underwriting and customer service?

Vital that clients are kept informed

Naomi Greatorex
clock 25 March 2026 • 3 min read
What the protection market study findings mean for advisers

What the protection market study findings mean for advisers

'There are some issues the FCA would like to tackle'

Sandy McGregor
clock 17 March 2026 • 5 min read