Accounting firm investigated the financial and regulatory reporting processes of RSA’s Irish division
RSA will release the key findings of accounting firm PwC’s probe of the insurer’s troubled Irish business next Thursday.
PwC investigated the financial and regulatory reporting processes and controls within RSA’s Irish business and the group’s oversight and controls of the Irish business.
RSA appointed PwC to perform the review after it discovered “issues” in the Irish business’s claims and finance functions.
The insurer has subsequently had to pump £200m into the reserves of its Irish operation. It initially increased reserves by £70m, but then strengthened them by a further £130m.
The problems have prompted a string of rating downgrades and have led to the resignation of RSA group chief executive Simon Lee and Ireland chief executive Philip Smith.
The group is now being run by executive chairman Martin Scicluna.