Insurer puts DIRECT Pojistovna into run-off

RSA has put its Czech Republic-based direct motor insurer, DIRECT Pojistovna, into run-off.

RSA group chief executive Simon Lee said: “Our strategy is to achieve scale in our chosen markets to deliver a sustainable underwriting profit. We felt unable to do this in the Czech Republic within a reasonable timeframe and, as a result, have taken the decision to exit the market.”

He added: “This will not impact existing customers during the remainder of their policy term and we remain committed to honouring the liabilities of the Czech operation until the run-off of the business is complete.”