3rd Jul 2013 11:36
Alberta Flood Update
In June, a significant portion of southern Alberta, Canada, experienced extreme flooding. As Canada’s third largest P&C insurer, RSA Canada has operations and exposures in the province of Alberta.
As the situation continues to evolve, our priority remains focused on providing the care and support our customers, brokers and impacted local employees need to get back on track as quickly as possible. A complete assessment of the damage will not be available for some time, however, given the severity of the situation, RSA expects gross claims to be above reinsurance retentions of C$75m (£48m) leading to net claims of a maximum of C$75m (£48m).
RSA continues to deliver a strong underwriting performance across its diversified international portfolio. Despite the adverse weather in Alberta, RSA continues to expect to achieve a combined operating ratio for the full year 2013 of better than 95%.
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Enquiries:
| Analysts & Investors | Press | ||
| Matt Hotson | Louise Shield | ||
| Tel: +44 (0) 20 7111 7212 | Tel: +44 (0) 20 7111 7047 | ||
| Rupert Taylor Rea | Jon Sellors | ||
| Tel: +44 (0) 20 7111 7140 | Tel: +44 (0) 20 7111 7327 |
About RSA
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in over 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2012, its net written premiums were £8.4 billion.
Important Disclaimer
This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2013
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