RSA tumbles 20% as CEO quits after third profit warning in six weeks

Shares in insurer RSA fell by as much as a fifth this morning after its chief executive quit amid a burgeoning crisis within its Irish division.

Simon Lee resigned with immediate effect as the group revealed it is expecting to take a further £130m hit on its Irish business following alleged accounting irregularities. "This is in addition to the £70m previously announced on 8 November relating to claims and finance issued in Ireland," the firm said in a statement. The insurer is also to inject £135m of capital into its Irish insurance division in a bid to shore up the business. "We now expect mid-single digit group return on equity in 2013," RSA said. Shares were hit hard on the news, with analysts now talking of a possib...