RSA Directors Suspended

delthedriver

take everything wrote: »

Yet again our financial geniuses are world-beaters when it comes to fcuking businesses up.
Kinda makes you proud in a way.

They are Consistent!

How much were these idiots being paid ?;)

I guess idiots rise to the level of their own incompetency?;)

SpaceTime

delthedriver wrote: »

What ever became of them?

They all lived happily ever after like everyone does in the magic la-la land known as the financial services sector!

Some pixie headed leprechauns arrived in the middle of the night and handed them a giant pot of gold.

delthedriver

glasso wrote: »

Ireland really giving the impression that nobody here can manage to string the necessary competence together to run any sort of financial institution.

The Insurance Companies have been flying under the radar while the spotlight was on the banks.;)

Time will tell if there have been other naughty boys in the Insurance playground.:rolleyes:

If I were the Regulator I would review the accounts of all the Companies. Perhaps similar practices have been going on elsewhere? Don't think it is exclusive to RSA?

delthedriver

MadsL wrote: »

Yep. I have a long standing email exchanges with the data protection commissioner's office about each attempt to try and determine a premium based on non-driving factors.

Think it is more likely that Santa will visit you at Christmas:)

delthedriver

Guess there is a lot of heavy breathing going on in the Boardrooms of other Insurance Companies right now.;)

In the same way as the banks behaved recklessly, I would be surprised if RSA are not the only one's???? After all the other companies must be having a similar experience in terms of rising personal injury claims

At the end of the day it will be the staff and customers who will suffer most

MadsL

delthedriver wrote: »

if RSA are not the only one's???

Have we forgotten Quinn Direct already?

delthedriver

MadsL wrote: »

Have we forgotten Quinn Direct already?

I guess they got sucked in with the Anglo crisis?

Since Liberty took over their book of business, yes we have possibly forgotten Quinn Insurance.


So Quinn and RSA, who will be next?:(

P_1

delthedriver wrote: »

I guess they got sucked in with the Anglo crisis?

Since Liberty took over their book of business, yes we have possibly forgotten Quinn Insurance.


So Quinn and RSA, who will be next?:(

Please tell me that AIG/Chartis/AIG haven't been forgotten about already? Also lest we forget RSA buying out AON's Irish operation earlier on in the year too

delthedriver

P_1 wrote: »

Please tell me that AIG/Chartis/AIG haven't been forgotten about already? Also lest we forget RSA buying out AON's Irish operation earlier on in the year too

What happened AIG & Chartis?

Was not aware that RSA bought out AON?

P_1

delthedriver wrote: »

What happened AIG & Chartis?

Was not aware that RSA bought out AON?

http://en.wikipedia.org/wiki/AIG#Financial_crisis

Nothing too dodgy with the Irish operation but I didn't like how they changed their name to avoid some of the flak they were getting (horrifically cynical in my eyes).

Remember insure.ie? A few years back AON took them over as a way of breaking into the Irish insurance market changing the name to AONinsure.ie, RSA bought the business last year (presumably as a way of increasing 123.ie's market share)

delthedriver

P_1 wrote: »

http://en.wikipedia.org/wiki/AIG#Financial_crisis

Nothing too dodgy with the Irish operation but I didn't like how they changed their name to avoid some of the flak they were getting (horrifically cynical in my eyes).

Remember insure.ie? A few years back AON took them over as a way of breaking into the Irish insurance market changing the name to AONinsure.ie, RSA bought the business last year (presumably as a way of increasing 123.ie's market share)

Wow! Thanks.

AON and 123.ie were Brokers, no?

Hard to keep up with who owns whom!

kupus

Quinn, pmpa, another one during the 80's that i forgot about and now this.....
All this has happened before and all this will happen again.

phuck me BSG really taught me a lot about how the world works.

P_1

delthedriver wrote: »

Wow! Thanks.

AON and 123.ie were Brokers, no?

Hard to keep up with who owns whom!

They used to be but then became 'wholly owned subsidiaries' of RSA and AON respectively.

I think Chill and the AA are the only big brokers left in the Irish insurance market noew

Gyalist

delthedriver wrote: »

Guess there is a lot of heavy breathing going on in the Boardrooms of other Insurance Companies right now.;)

Not just the insurance companies. I'd say that there is apprehension in the offices of both Cricket Ireland and Cricket Leinster as RSA have been very generous sponsors for the past few years.

Fred Swanson

This post has been deleted.

delthedriver

It will be interesting to see how things unfold...................:)

P_1

Gyalist wrote: »

Not just the insurance companies. I'd say that there is apprehension in the offices of both Cricket Ireland and Cricket Leinster as RSA have been very generous sponsors for the past few years.

Never thought of that aspect alright, there has been a fairly large investment into Irish cricket over the past few years and I'd imagine that the RSA sponsorship has helped that along significantly. I hope the contract isn't up for renegotiation in the immediate future

Gyalist

P_1 wrote: »

Never thought of that aspect alright, there has been a fairly large investment into Irish cricket over the past few years and I'd imagine that the RSA sponsorship has helped that along significantly. I hope the contract isn't up for renegotiation in the immediate future

RSA have also been sponsoring Terenure Cricket Club who have been recruiting for their return to Div. 1 next season. I suspect that they'll be the first casualty.

delthedriver

kupus wrote: »

Quinn, pmpa, another one during the 80's that i forgot about and now this.....
All this has happened before and all this will happen again.

phuck me BSG really taught me a lot about how the world works.

So who will be next?:(

Billy86

P_1 wrote: »

Please tell me that AIG/Chartis/AIG haven't been forgotten about already? Also lest we forget RSA buying out AON's Irish operation earlier on in the year too

That was AonInsure, it was only a broker like Chill.ie or the AA which didn't carry Aon underwritten policies (with a few exceptions that have been redirected to a different Aon office I would imagine). Though there apparently was a LOT of dodgy goings on in the buyout.

P_1

Billy86 wrote: »

That was AonInsure, it was only a broker like Chill.ie or the AA which didn't carry Aon underwritten policies (with a few exceptions that have been redirected to a different Aon office I would imagine). Though there apparently was a LOT of dodgy goings on in the buyout.

Ah were they still a broker after AON came onto the scene? I always thought they were like a 123.ie for AON after that happened

Billy86

P_1 wrote: »

Ah were they still a broker after AON came onto the scene? I always thought they were like a 123.ie for AON after that happened

Yeah, their motorcycle insurance and I think some more commercial stuff went to Aon direct, but otherwise all that really changed in that buyout was the name on the door.

Fratton Fred

Gyalist wrote: »

Not just the insurance companies. I'd say that there is apprehension in the offices of both Cricket Ireland and Cricket Leinster as RSA have been very generous sponsors for the past few years.

If you read the communications coming out of RSA, the emphasis has been very much we found an issue, we plugged the hole and suspended those responsible, now everything is back to normal.

I'm hoping they take the view that continuing sponsorship like they have is the best way of demonstrating it.

delthedriver

Billy86 wrote: »

That was AonInsure, it was only a broker like Chill.ie or the AA which didn't carry Aon underwritten policies (with a few exceptions that have been redirected to a different Aon office I would imagine). Though there apparently was a LOT of dodgy goings on in the buyout.

Like what????

Royale with Cheese

P_1 wrote: »

Never thought of that aspect alright, there has been a fairly large investment into Irish cricket over the past few years and I'd imagine that the RSA sponsorship has helped that along significantly. I hope the contract isn't up for renegotiation in the immediate future

Phillip Smith is a big cricket fan, and I presume was the driving force behind that deal. Was one of the first things I thought of when I heard this news. Hopefully it won't have a major adverse effect as RSA have been very good to Irish cricket recently.

delthedriver

Fratton Fred wrote: »

If you read the communications coming out of RSA, the emphasis has been very much we found an issue, we plugged the hole and suspended those responsible, now everything is back to normal.

I'm hoping they take the view that continuing sponsorship like they have is the best way of demonstrating it.

Yes I have read the spin from RSA. One thing Insurers Marketing Depts. are extremely good at is spin.:rolleyes: I'm not convinced with their spin. I would like to hear the Regulators Spin on this one!
Sincerely hope things are back to normal, though if the Regulator is actually doing his job, I guess he will be asking a lot more questions involving all the Insurers.:rolleyes:There are not that many Insurance Companies between A & Z !
As for spin bowling I certainly hope the cricket sponsorship will continue.;)

Who knows what will happen. RSA Ireland have just cost the group 70 million euro so they might be seeking to recoup some of their losses in any way then can. It will boil down to being committed to the Irish market or not. If they decide to retrench then local sponsorship will not be high on their agenda.

delthedriver

Latest update

http://www.irishexaminer.com/business/rsa-falls-sharply-as-it-probes-large-losses-at-irish-unit-249308.html


Unbelievable!

delthedriver

Questions have been raised as to the Central Bank's oversight of RSA, although it is understood that the watchdog had been monitoring the insurer for a number of months.

Irish Independent;)

delthedriver

Perhaps the Directors will appear on Celebrity Master Chef :rolleyes:???

delthedriver

Royale with Cheese wrote: »

Phillip Smith is a big cricket fan, and I presume was the driving force behind that deal. Was one of the first things I thought of when I heard this news. Hopefully it won't have a major adverse effect as RSA have been very good to Irish cricket recently.

Philip who? Guess he will be pursuing other business interests fairly soon?

The suspension of a Company's CEO is a very serious matter. If he has been wrongly suspended, well watch this space............:)

delthedriver

glasso wrote: »

Who knows what will happen. RSA Ireland have just cost the group 70 million euro so they might be seeking to recoup some of their losses in any way then can. It will boil down to being committed to the Irish market or not. If they decide to retrench then local sponsorship will not be high on their agenda.

Recouping their losses means screwing the staff and policyholders:)

It may also be the first sign of savage rate increases across the market.

It must be sweaty armpit time in the various boardrooms.

delthedriver

delthedriver wrote: »

Recouping their losses means screwing the staff and policyholders:)

It may also be the first sign of savage rate increases across the market.

It must be sweaty armpit time in the various boardrooms.

well appears as if the policies were under-priced in the first place which caused the issue so yes no doubt certain classes of non-life insurance in Ireland will go up in price.

delthedriver

glasso wrote: »

well appears as if the policies were under-priced in the first place which caused the issue so yes no doubt certain classes of non-life insurance in Ireland will go up in price.

Guess competitors were busy following the market downwards in order to retain their market share? Are we likely to see problems in other Companies too?

delthedriver

Central Bank claims it warned RSA of its problems last August.;)

porsche959

http://www.independent.ie/business/rsa-chief-makes-dramatic-resignation-after-claims-of-being-the-companys-fall-guy-29791970.html

Gyalist

porsche959 wrote: »

http://www.independent.ie/business/rsa-chief-makes-dramatic-resignation-after-claims-of-being-the-companys-fall-guy-29791970.html

Yep, that confirms what I was told last week by a friend of his. He felt that he was having to take the rap for decisons made by the UK operations.

Fratton Fred

Gyalist wrote: »

Yep, that confirms what I was told last week by a friend of his. He felt that he was having to take the rap for decisons made by the UK operations.

At least that's what his lawyer will be arguing in his constructive dismissal case.

delthedriver

Gyalist wrote: »

Yep, that confirms what I was told last week by a friend of his. He felt that he was having to take the rap for decisons made by the UK operations.

Interesting move!
I expect it would be easier to fight one's corner within the tent than outside it. If he had concerns regarding decisions made by UK Operations, why did he wait until now to jump ship?
The CEO was the Captain of the ship, jumping overboard and swimming seems an unusual move. The ship is afloat, the hole in the stern has been repaired.
There is always a fall guy, it will be interesting to see what action his fellow suspended Directors take.;)

delthedriver

Fratton Fred wrote: »

At least that's what his lawyer will be arguing in his constructive dismissal case.

It will be an interesting case.;)

Fratton Fred

delthedriver wrote: »

It will be an interesting case.;)

I expect there are a few skeletons looking forward to coming out of their closet!

delthedriver

Fratton Fred wrote: »

I expect there are a few skeletons looking forward to coming out of their closet!

Guess there are sweaty armpits in other Companies Boardrooms too ???

Insurance Companies have had a very patchy history in Ireland.

Remember, PMPA, Insurance Corporation of Ireland, Quinn ?

Are we likely to see a repeat of something like the Banking crisis?

delthedriver

delthedriver wrote: »

Interesting move!
I expect it would be easier to fight one's corner within the tent than outside it. If he had concerns regarding decisions made by UK Operations, why did he wait until now to jump ship?
The CEO was the Captain of the ship, jumping overboard and swimming seems an unusual move. The ship is afloat, the hole in the stern has been repaired.
There is always a fall guy, it will be interesting to see what action his fellow suspended Directors take.;)

Well he was highly unlikely to be "unsuspended". He's never going to be able to get a high level job like that again so might as well try and get a few million squid out of them through the courts. This guy brought in a fair lot of people from his previous employer into RSA - they won't be too happy about current events.

delthedriver

glasso wrote: »

Well he was highly unlikely to be "unsuspended". He's never going to be able to get a high level job like that again so might as well try and get a few million squid out of them through the courts. This guy brought in a fair lot of people from his previous employer into RSA - they won't be too happy about current events.

Obviously I wish Mr. Smith and his family well at this traumatic time, especially on the run into Christmas.
True Mr. Smith is unlikely to attain a similar post in the future, however if he is an innocent fall guy is it not better to vindicate himself by staying aboard the RSA ship. Resigning, and then fighting RSA through the Courts??? Trying to get a few million quid???
If RSA were to fire him, surely he would have a stronger case against them for wrongful or constructive dismissal?
As for colleagues he may have headhunted, what can one say ? No doubt they are very concerned for their careers.
Incidentally, I do not know Mr. Smith, nor his background in Financial Services.

Billy86

delthedriver wrote: »

Obviously I wish Mr. Smith and his family well at this traumatic time, especially on the run into Christmas.

Really?

His family sure, but they'll be fine with the silly money he has made there. Meanwhile, he is surely just as guilty as anyone else in regards to this, if not more so.

delthedriver

Billy86 wrote: »

Really?

His family sure, but they'll be fine with the silly money he has made there. Meanwhile, he is surely just as guilty as anyone else in regards to this, if not more so.

Interesting comment.

At this point, I consider Mr. Smith to be innocent until proven otherwise.

If he carried out his duties in an unprofessional or reckless manner, yes, he will have to face the consequences of his actions. Absolutely no argument !

His resignation at this point in time is a surprise. He will need the best legal brains in the country for this one.

Gyalist

delthedriver wrote: »

Interesting comment.

At this point, I consider Mr. Smith to be innocent until proven otherwise.

If he carried out his duties in an unprofessional or reckless manner, yes, he will have to face the consequences of his actions. Absolutely no argument !

His resignation at this point in time is a surprise. He will need the best legal brains in the country for this one.

Heard on the grapevine yesterday that he received a settlement of just over €900k.

Fratton Fred

Gyalist wrote: »

Heard on the grapevine yesterday that he received a settlement of just over €900k.

I would be surprised if any settlements are made until the CBI has decided on what it is doing.

The company is facing a fine of up to €35m and any director involved in wrongdoing faces a fine of up to €1m.

Doom

http://www.irishtimes.com/business/financial-services/former-rsa-chief-philip-smith-takes-case-to-appeals-tribunal-1.2073101

Philo is taking RSA to Court for his dismissal.....RSA confident they will win.


Also

RSA Insurance Group Plc said it will fight a constructive dismissal case filed by the former head of its Irish unit, who stepped down more than a year ago amid an accounting scandal. Philip Smith, who was was paid 34,000 euros :eek::eek::eek: a month as chief executive officer of the unit, resigned in November 2013 without severance pay saying he was being made a "fall-guy."

Doom

I thought more people would be interested in this, as it's one of the reasons we're all paying through the nose for insurance this year...maybe wrong forum.