RSA Insurance boss Stephen Hester hails 'positive change' after year of chaos
Thursday 08 May 2014
RSA Insurance chief executive Stephen Hester has claimed that the group has seen "positive changes" after a year of "chaos".
The former Royal Bank of Scotland boss started his job in February after a turbulent few months at the insurance group, during which it issued three profit warnings in six weeks and parted ways with Hester’s predecessor, Simon Lee.
Hester has since launched a £750 million rights issue, sold off RSA’s Baltic and Polish operations and started stripping out costs.
He said that progress has been made since the start of this year but warned that there are still tough times ahead.
“After the chaos of last year, there have been lots of positive changes at the group, which have been reflected in both our share price and credit rating,” Hester explained. “At the same time, I’m extremely conscious that we’re just laying the foundations.”
RSA’s gross written premiums fell 4 per cent to £1.96 billion in the first quarter as it scaled back on the amount of business underwritten. It also revealed that poor weather in the UK, Ireland and Canada had cost it £111 million in claims.
Ahead of the group’s annual general meeting in London tomorrow, Hester added: “It’s always a special occasion, especially for retail shareholders who don’t often get their say. I expect most of them will be unhappy about the mess the company is in but happy about the direction we are taking.”
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...