UK-based insurer RSA suffered an underwriting loss of £70m ($91m) in the third quarter, generating a 110% combined operating ratio (COR).
RSA said that it had been hit by large losses, attritional claims and bad weather. Marine was hit hardest. UK premiums were said to be lower.
CEO Stephen Hester said that RSA’s international businesses performed well in Q3, but that the UK and London market business reported an underwriting loss, which he termed “disappointing”.
Hester added that “actions to improve in the UK are well underway and we are determined to restore satisfactory performance whilst continuing our progress internationally.”
Group net premiums rose by about 1% to £4.9bn. RSA said that pre-tax profits were higher for the year-to-date than in 2017 but lower on an underlying basis due to higher weather costs.