RSA prepares to find out more about its capital hole in Ireland

Marion Dakers
INSURANCE group RSA will this week hear what investigators from PwC think happened at its troubled Irish business, which was in November revealed to have a £200m black hole.

PwC’s findings, which are yet to be finalised, will be published on Thursday.

The capital hole has already claimed the scalp of chief executive Simon Lee, who stepped down last month, and knocked 28 per cent from the FTSE 100 firm’s share price.

Executive chairman Martin Scicluna, who has taken the reins until a new boss is found, is set to talk through PwC’s report with investors once it is released.

PwC was brought in to probe the problems in RSA Insurance Ireland two months ago, focusing on the firm’s financial reporting and the group’s oversight of the Irish unit.

The company has issued three profit warnings since revealing the shortfall. Investors must wait until February to find out whether the company will pay a final dividend for 2013.