RSA PROFITS DOWN 19% ON LONDON MARKET LOSSES

Insurer RSA reported operating profit fell 19% in 2018 following losses in its London market business. The UK-listed carrier booked group operating profit of £517m ($688.1m) last year, compared to £663m in 2017. RSA’s underwriting profit fell one-third to £250m as the firm’s London market specialty and wholesale business booked an underwriting loss of £109m. The London market unit was hit by natural catastrophe losses, as well as increased large and attritional losses, particularly in its marine book.