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Member, Beacon International Group, Ltd.
LONDON--Multiline insurer Royal & SunAlliance Insurance Group P.L.C. recorded a pretax profit of £19 million ($30.0 million) for the first quarter of 2003, compared with a loss of £72 million ($102.6 million) for the comparable period last year.
London-based RSA, which is undergoing a strategic overhaul after a posting losses in 2002 and 2001, said nonlife business yielded a profit of £169 million ($266.9 million) for the first three months of 2003, up from £120 million ($170.0 million) for the first quarter of 2002.
"The rating increases that have been achieved over the year have helped to turn around our underwriting performance, and we have also benefited from particularly benign weather in the United Kingdom and Europe," Andy Haste, group chief executive of RSA, said in a statement.
Mr. Haste added that the group had set up a contingent reserve of £30 million ($48.7 million) to cover future U.K. weather events as a "prudent measure."
Mr. Haste noted that the group's restructuring efforts, which include the disposal of some parts of the business, are "on the right track."