RSA’s London market business will now focus on four key specialisms
RSA is exiting three business lines and reducing the amount in premium written through the London market by a third.
The group announced today that it is exiting its international construction, international freight and fixed price marine protection and indemnity insurance lines of business with immediate effect or at contract expiry.
RSA’s London market portfolios in international marine cargo and international marine transportation will also be restructured into one unit under new leadership, with exposures in both areas significantly reducing.
A spokesperson confirmed there was a risk of redundancies, but said it was working to redistribute as many staff as possible into other areas of the business. The maximum number of jobs at risk was placed at 50. A consultation will now take place over the coming months with those employees set to be affected.
The moves were made as the group looks to restructure its specialty and wholesale business, part of RSA Global Risk Solutions. It is part of an ongoing review to streamline its international exposure.
Steve Lewis, chief executive of RSA UK & International, said: “RSA has historically served the London international specialty and wholesale market across a broad range of products and exposures.
“The changes we are making to our portfolio will enable us to take a much more targeted approach, focusing our efforts on specialist areas where we have market leading expertise and capacity.
“We will continue to evolve and build on this strategy over time in order to deliver sustained value for our customers and shareholders alike.”
RSA’s London market business, reported as part of RSA’s UK and international region, will now focus on four key specialisms. These are International hull, international cargo and transportation, international property and international engineering and renewable energy risks.
A spokesperson said that new roles would be created in these lines and that they were hopeful of moving at-risk employees into these sectors.
In a statement, the group said it hopes the changes will lead to profitable growth in the future.
Tony Buckle, managing director of Global Risk Solutions, added: “As a specialist insurer to the London market, RSA will offer distinctive, best-in-class propositions to our customers in the segments on which we are focused.
“This will enable us to develop and sharpen our expertise, and manage our exposures and volatility more effectively.
“We will be working closely with our customers and their brokers to assist them in a smooth transition.”
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