RSA to exit Czech market
Insurance giant RSA said it would run down its Czech motor insurance business because it was not generating sustainable profits.
Insurance giant RSA said it would run down its Czech motor insurance business because it was not generating sustainable profits.
RSE will close DIRECT Pojiovna, its direct motor insurer in the Czech Republic, to new business and will place the existing portfolio into run-off with immediate effect.
The company said the move would not impact existing customers during the remainder of their policy term.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It added that it remained committed to honouring the liabilities of the Czech operation until the run-off of the business was complete.
"Our strategy is to achieve scale in our chosen markets to deliver a sustainable underwriting profit. We felt unable to do this in the Czech Republic within a reasonable timeframe and, as a result, have taken the decision to exit the market," said Group Chief Executive Simon Lee.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Could your family be at risk of an unexpected tax bill? How to keep your loved ones in the loop
Many families are out of the loop when it comes to planning the financial aspects of both retirement and inheritance
-
Rightmove: Glut of homes for sale in southern England drives asking price drop
Asking prices are 0.1% lower than a year ago, according to the property website, driven by challenges in affordability-stretched London and the south