RSA third-quarter underwriting hit by hurricanes

RSA, the UK insurance group reported an 8% rise in year-to-date premiums in the third-quarter, but failed to give a profit figure in its trading statement after hurricanes hit its underwriting performance.

The company said year-to-date group net written premiums of £5.077bn were up 8% and said earnings were ahead of 2016, but held up by third-quarter underwriting results.

Hurricane provisions

RSA said weather-related losses in the third quarter included a £50m provision against US and Caribbean catastrophe events.

"Claims notifications for these events are still developing, and we expect this provision to increase somewhat," the company added.

Market reaction

Shares in RSA Insurance Group were down 2.2% at 619p in mid-morning trade on the London Stock Exchange.

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