RSA experiencing difficulties

For the third time in six weeks, British insurer, Royal & Sun Alliance (RSA), is revising its 2013 results downwards. The payment of dividends is likely to be suspended for the mentioned year.
Photo credit: Royal & Sun Alliance

The capitalization of the group dropped by 18% in a single day on December 13 and by more than a third in a year. The setbacks of the Irish subsidiary are accounted for by a worsening fragile balance sheet in which some accounting errors have been detected. RSA has announced its decision to strengthen the reserves of its subsidiary company up to 200 million GBP (330 million USD) while Simon Lee, head of the group, has been dismissed.

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