RSA exit personal lines motor market
Insurance provider RSA, has confirmed it is to withdraw fully from the personal lines broker motor market, ceasing to write new and renewal business from 1 November 2015.
The move follows the insurer in May 2014 announcing it was exiting all motor-only personal lines broker relationships. Post reported 800 brokers were axed as part of this change.
The personal lines broker motor portfolio is worth £65m premium, representing around 7% of RSA’s total motor book.
RSA currently trades with approximately 300 brokers that offer personal lines motor and home products. The insurer has now entered formal discussions with those brokers to explain its decision and talk about the next steps.
RSA reported on 6 August its personal lines motor combined operating ratio had declined to 113.6% in the first six months of the year (H1 2014: 102.7%).