Shares fell by 5% at one point

RSA’s share price took a hammering this morning as it reported a disappointing result for 2018, mainly down to huge losses in the London market.

At market open the share price slumped by 5% to 503p, down from 526p at the previous day’s close. But by mid-morning the share price recovered a little.

The London Market Speciality and Wholesale business had 2018 premium income of £265m but underwriting losses of £109m.

This pushed UK and international into another poor year, in which its chief executive Steve Lewis departed, with a combined ratio of 104% (2017: 104.3%).