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Hurricanes hit RSA's third quarter underwriting performance

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Hurricanes hit RSA's third quarter underwriting performance

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LONDON (Reuters) – Hurricanes hit insurer RSA’s <RSA.L> underwriting performance in the third quarter, it said on Thursday, as it set aside 50 million pounds for weather losses in the United States and the Caribbean. Hurricanes Harvey, Irma and Maria have caused more than $100 billion (75.36 billion pounds) in insured losses in the region in recent weeks. “Claims notifications for these events are still developing, and we expect this (50 million pound) provision to increase somewhat,” RSA said in a statement, adding that as a result, “group underwriting results are. ..slightly weaker than prior year”. It did not give profit figures in its third-quarter trading statement. RSA posted net written premiums of 5.1 billion pounds for the first nine months, up 8 percent on a year earlier. Best known in Britain for its More Than brand, RSA also has major businesses in Canada, Ireland and Scandinavia. Tangible equity stood at 2.81 billion pounds as of Sept 30, up 0.7 percent from 2.79 billion at the end of the June quarter.

(Reporting by Carolyn Cohn; editing by Jason Neely)
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