RSA Insurance Group plc (trading like RSA , formerly Royal and Sun Alliance ) is a UK multinational general insurance company headquartered in London, England. RSA has major operations in the UK & amp; Ireland, Scandinavia and Canada and provides insurance products and services in over 140 countries through a network of local partners. It has 17 million subscribers. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.
RSA is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Video RSA Insurance Group
Histori
RSA was formed after the joining of Sun Alliance and Royal Insurance in 1996. Sun Alliance itself was a merger product in 1959 from The Sun Fire Office, the oldest documented insurance company in the world, founded in 1710, with The Alliance, founded in 1824 by Nathan Mayer Rothschild and Moses Montefiore. The Sun Alliance acquired London Assurance in 1965 (becoming Sun Alliance & London) and Phoenix Assurance in 1984.
On February 4, 2014, it was announced that Stephen Hester, the former CEO of RBS Group would be the CEO of RSA immediately.
In 2014/2015 new CEO Stephen Hester leads a major restructuring of RSA to improve its finances and many 'non-core' overseas operations are sold and are subject to the release of nearly halving the size of the group and aligning the strategic focus back to its core markets.
Maps RSA Insurance Group
Operation
RSA operates in 28 countries and provides insurance products and services in over 140 through a global network of local partners. It has more than 20 million customers worldwide.
RSA is the second largest general insurance company in the UK. Its headquarters are in the City of London at 20 Fenchurch Street which occupies the 15-17th floor of a walkie-talkie building. The UK registered office is 20 Fenchurch St, London. Other major UK offices are located in Liverpool, Bristol, Manchester, Chelmsford, Glasgow, Cardiff, Sunderland, Belfast, Peterborough, Halifax, Birmingham and Horsham. RSA, including More Th & gt; n, announced itself as the first UK neutral carbon insurer in the UK on December 2, 2006.
RSA has more than direct cars, homes, pets, and travel insurance in the UK, which is widely recognized for Lucky The Dog ads and "MORE..." campaigns. Moreover it also sells van, business car, shop and office and business insurance through More Than Business operation. RSA also has CODAN brands in Denmark and Norway, the Johnson brand in Canada, 123 brands in Ireland, Trygg-Hansa brand in Sweden, Al-Alamiya in Saudi Arabia, Al-Ahlia in Oman and Motability, OAK, and brands of Insurance Corporation in England.
In September 2015, RSA relinquished all of its Latin American insurance operations to the Colombian insurance company Grupo Sura for £ 403 million.
Office
Asia & amp; Africa
- Bahrain
- Oman
- Saudi Arabia
- United Arab Emirates
North America and the Caribbean
- Canada
- AS
Europe
- United Kingdom
- Ireland
- French
- German
- Spanish
- Belgium
- Denmark
- Swedish
- Norway
Controversy
Three former staff of the Irish Insurance RSA have been fined a combined Ã, £ 182,000 (EUR206,090) under sanctions linked to an investigation by the UK accounting supervisor into the company's financial irregularities in 2012.
Asbestos Liability
In January 2002 Royal & amp; The Sun Alliance is involved in litigation over claims for injuries arising from asbestosis among workers at the Clyde shipyard. Workers alleged that between 1972-1977 RSA had issued insurance certificates for Turner & amp; A new but excluded cover for asbestosis violates the Payer Liability (Compulsory Act) Act 1969. RSA responds that asbestos-related injuries are removed from the policy as it is a risk that the company is unwilling to bear that Turner & amp; Newall instead insures against asbestosis and therefore should be responsible for any compensation.
In February 2002 the RSA set aside Ã, £ 384 million to double its available reserves for asbestos claims which, combined with a £ 215 million claim arising from the September 11 attacks, erased profits in 2001. RSA has installed seven subsidiaries for sale in an effort to further raise Ã, Â £ 800 million to cover liability for asbestos insurance claims in the United States. Ivory & amp; Sime later acquired a subsidiary of RSA asset management in the UK in May 2002 for £ 240 million. This situation is further aggravated by the RSA must reserve Ã, Â £ 1.2 billion against the obligation for annuity assurance, the product that causes the collapse of Equitable Life, and also face fines from the Financial Services Authority due to failure to meet deadlines in the wrong review pension placement. Two months later, Friends Provident acquired the RSA offshore life unit, International Financial Services Limited, based on the Isle of Man, for £ 133 million. In July 2002 RSA sold its group risk business to Canada Life for £ 60 million. RSA was forced to close his business life, with a loss of 1,200 jobs, in August 2002.
In November 2002 Turner & amp; Newall launched a lawsuit against RSA on behalf of former employees suffering from asbestos-related diseases, claiming that the insurer was responsible for providing the employer's responsibility policy to the engineering firm. In an effort to reduce costs, RSA chairman Sir Patrick Gillam said it would sell US RSUI businesses and "float the majority of Asia Pacific operations", bringing total job losses in the UK to 4,000. The case was heard at the High Court of Justice in January 2003. RSA argues that a policy clause that does not include protection for pneumoconiosis also excludes other asbestos-related diseases such as asbestosis and peritoneal mesothelioma. Colin Edelman QC, representing T & amp; N, told Mr. Justice Lawrence Collins that the RSA's defense had "admiration" to put forward "just ridiculous" and that the insurance company was trying to "get out of his responsibility." On 9 May 2003 the court ruled that the RSA was responsible for the compensation claim. In September 2003 the RSA cut 1,000 jobs in the UK and asked shareholders £ 960 million to cover further asbestos claims.
Increase of repair cost
In September 2011, Judge Platt of the Romford District Court in his judgment attacked the method by which RSA recovered their costs by placing a subsidiary in the motor claims process to inflame profits. Some insurance companies now refuse to pay RSA requests for payments without seeing the original invoice. On June 15, 2012, RSA Insurance succeeded in the decision of the Court of Appeal; the company said the verdict meant "his practices have been deemed legitimate and his attitude proved to be true". Within a few hours, Allianz Insurance filed an appeal against RSA. Since then RSA has started to make bilateral agreements, the first announced on June 29, 2012 with Insurance Cooperatives.
Hillsborough Disaster
The fatal incident in England's FA Cup match, widely known as the Hillsborough debacle, involves RSA. A human crush resulted in 96 fatalities and 766 wounded. The Royal Sun Alliance Insurance Company (who was an insurance company for Sheffield Wednesday Football Club in 1989) refused to abandon its right to privilege, thereby denying access to the Hillsborough Independent Panel to its material. Great efforts were made to persuade the company to allow the Panel's confidential access to the material but retain its refusal. RSA reserves the right to do so because they have no obligation to release information relating to the amount of compensation paid to the victim and the family; in any case the release of such information will not affect the outcome of who is to blame for the Hillsborough disaster.
See also
- List of companies based in London
References
Further reading
- Dickson, P. G. M (1960). The Sun Insurance Office, 1710-1960: History Two and a half centuries from British Insurance .
External links
- Official website
- Documents and clippings of the RSA Insurance Group in the 20th Century Press Archive of the German National Economic Library (ZBW).
Source of the article : Wikipedia
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