THE CHIEF executive of RSA Insurance’s Irish arm, Philip Smith, has resigned, claiming in a statement that he has been made a “fall guy” for the troubled business.
Earlier this month the insurer issued two profit warnings in a week after it uncovered issues in the claims and finance sections of its Irish business. An investigation was launched and Smith and two other executives were suspended.
Smith said recent events at the company had traumatised his family, and that his decision to resign came as a result of the investigation, the outcome of which he claims is a foregone conclusion. “I am certain that when the recent issues arose, that I quickly became the ‘fall guy’ for all issues,” he said. “It is my firm belief that this opinion was arrived at irrespective of my involvement or otherwise, making it impossible for me to achieve justice and fairness. I have therefore been left with no other option but to resign.”
RSA issued a statement explaining that no severance payment would be made to Smith and that Adrian Brown, currently chief executive of the UK and Western Europe for the company, would step in as interim chief executive.