Shares in insurance group RSA plummeted sixteen per cent this morning, taking it to the top of the FTSE 100 fallers, following its announcement of the launching of an independent review of its Irish business. RSA have said that the issues go back at least two years.
At the beginning of last week, the FTSE 100 group issued a profits warning, saying that it had concerns about its Irish business. This was followed by the suspension of its Ireland chief executive and two other senior executives, and an emergency capital injection into the floundering division.
The firm has appointed PwC to undertake the review. Simon Lee, group chief executive of RSA, said that the firm's capital position remains strong and it is committed to its dividend policy "which is aligned with market expectations for the full year final 2013 dividend."