RSA increases claims reserves

Manufacturing News, Source : TheManufacturer.com
Published : 07 Nov 2002 9:14

The spectre of claims from former asbestos workers cast a shadow over third quarter results from troubled insurer Royal & Sun Alliance today.

RSA reported operating profits of £471m in the nine months to September 30, compared with £307m in the same period last year. However, it warned of further job losses and said it expected to strengthen the reserves for general business claims - including asbestos - by £250m in the fourth quarter.

Last week, it was revealed that RSA would be facing asbestos claims by the engineering group and former asbestos manufacturer Turner & Newall on behalf of an estimated 1000 ex-employees.

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