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Sarah Veysey

RSA says financial irregularities confined to Irish unit

January 8, 2014 - 9:40am


RSA Insurance Group P.L.C. said Wednesday it remains confident that financial and claims irregularities identified in November were confined to its Irish unit.

The London-based company said in a statement that it would receive a report into the financial and reporting processes and controls at RSA Insurance Ireland on Wednesday from accounting firm PricewaterhouseCoopers L.L.P.

RSA said it would make details of the report public on Thursday.

The insurer said Wednesday that the cost of the irregularities and subsequent reserve review at the Irish unit would be 200 million ($328.3 million).

RSA in November suspended the CEO, chief financial officer and claims director of its Irish unit after an internal audit identified the irregularities.

After several subsequent profit warnings, RSA CEO Simon Lees resigned in December.

 



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