RSA Insurance Ireland CEO Philip Smith quits

The chief executive of the Irish arm of RSA Insurance, Philip Smith, has resigned from the company after saying he has become the scapegoat for allegations of serious financial irregularities.

In a statement Smith said he and his family have been traumatised by recent events. He also claims the ongoing probe by RSA has a pre-determined outcome.

Earlier this month Smith and two other Irish executives were suspended pending ongoing investigations into the allegations. The London-based insurer said it had uncovered "issues" in its Irish "claims and finance functions".

The insurer was forced to inject €100m (£83.2m) of capital into the business, boosting its insolvency ratio to 230 per cent, and issue two profit warnings within a week.