Underwriters are rated by various specialist rating agencies according to their strength - as a result of these financial issues the rating provided by rating agency Standard and Poors has been lowered to A- . However, they have also noted that they “expect management actions to enhance capital though 20104-15” and that they “currently assess RSA’s enterprise Risk Management as very strong” - the Irish business is only a small part of the overall group. RSA has substantial and strong business worldwide and in the half year ended August 1, net written insurance premiums were up 7pc to £4.7bn and pre-tax profits increased by 14pc to £250m.
I wish to advise those clients that are insured with RSA through our Topsail Yacht and Motorboat Policy, that we consider that the underwriter remains strong and we have no concerns over the current suitability of the insurance security or over the payment of potential claims. We will continue to monitor the situation but are confident that the RSA will recover from this current position.
If you have any questions or wish to discuss further then please do not hesitate to contact myself or my Co-Director Chris McGowan.