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RSA scales back London market exposures

RSA Insurance Group PLC will scale back its exposures in the London market for international company insurance as part of a review of its specialty and wholesale business.

RSA's London business will now concentrate on four core portfolios, including international property and renewable energy risks. The group will exit international construction, international freight and fixed price marine protection and indemnity insurance business lines either with immediate effect or at contract expiry.

The international marine cargo and international marine transportation lines will be combined into one unit under new leadership.

The restructuring aims at streamlining the group's international exposure, improving underwriting, pricing accuracy and risk management. In 2019, RSA's premiums written through the London market will fall one-third year over year.

RSA reported a third-quarter underwriting loss of £70 million in its U.K. and London market business, mainly attributable to the marine business. CEO Stephen Hester said at the time that the marine book would be getting "very significant treatment in the next few months and year to ensure that those areas that are performing badly are cut out of the book or are comprehensively re-underwritten and repriced."