RSA Global Risk Solutions has said it will pull out of the fixed premium protection and indemnity market in a major reform of its London business.
RSA is a major supplier of security to fixed premium marine insurer Lodestar but has not been happy with the profitability in the segment. It is understood that talks between the two companies have been going on for sometime and that Lodestar has been looking for an alternative source of security.
RSA also backs fixed premium charterers’ liability insurance provider Charterama. However, Charterama managing director Lucien Lesuis told TradeWinds that RSA’s decision only applies to its fixed premium P&I business and it will continue to supply security to Charterama.
“We are unaffected by this decision,” he said.
RSA is also set to continue with its international hull cargo and transportation lines as part of its London market business. RSA’s marine business is headed up by global marine director Richard Turner, who also took over as head of the International Union of Marine Insurance this September.
As part of its business review, RSA is also pulling out of international construction insurance.
