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RSA Directors Suspended

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13

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    #62
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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?:confused:

    Hard to keep up with who owns whom!


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    #63
    kupus
    Registered Users Posts: 4,151 ✭✭✭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.


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    #64
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭P_1


    delthedriver wrote: »
    Wow! Thanks.

    AON and 123.ie were Brokers, no?:confused:

    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


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    #65
    Gyalist
    Registered Users Posts: 2,537 ✭✭✭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.


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    #66
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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    #67
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


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


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    #68
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭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


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    #69
    Gyalist
    Registered Users Posts: 2,537 ✭✭✭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.


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    #70
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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?:(


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    #71
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭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. ;)


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    #72
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭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


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    #73
    Billy86
    Closed Accounts Posts: 23,495 ✭✭✭✭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.


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    #74
    Fratton Fred
    Closed Accounts Posts: 26,567 ✭✭✭✭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.


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    #75
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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????:confused:


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    #76
    Royale with Cheese
    Registered Users Posts: 9,048 ✭✭✭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.


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    #77
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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.;)


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    #78
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    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.


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    #79
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Latest update:confused:

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


    Unbelievable!


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    #80
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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;)


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    #81
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


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


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    #82
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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............:)


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    #83
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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.


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    #84
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    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.


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    #85
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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?


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    #86
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


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


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    #87
    porsche959
    Closed Accounts Posts: 2,499 ✭✭✭porsche959


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


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    #88
    Gyalist
    Registered Users Posts: 2,537 ✭✭✭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.


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    #89
    Fratton Fred
    Closed Accounts Posts: 26,567 ✭✭✭✭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.


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    #90
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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.;)


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    #91
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭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.;)


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