RSA share price: Insurer appoints new boss of specialty and wholesale business

Geoff Jones to lead division as it undergoes restructuring

RSA share price: Insurer appoints new boss of specialty and wholesale business

RSA Insurance (LON:RSA) has appointed a new director of its specialty and wholesale (S&W) business, the blue-chip group has said. The news comes after the FTSE 100 insurer recently unveiled plans to restructure the division as part of its efforts to streamline its international exposure.

RSA’s share price was little changed in the previous session, shedding 0.04 percent to close at 546.40p, outperforming the broader London market, with the benchmark FTSE 100 index giving up 19.15 points to close 0.27 percent lower at 7,016.85. The group’s shares have lost about nine percent of their value over the past year, as compared with a near five-percent dip in the Footsie.

RSA appoints new boss to S&W unit

RSA announced in a statement yesterday that it had appointed Geoff Jones as Director of its S&W business, part of the group’s Global Risk Solutions division. Jones, who is currently the insurer’s  Commercial Claims Director, joined the group in 2010, and in 2014 was appointed as Claims Director for RSA Ireland, where, the company said, he played a critical role in returning the business to profitability.

His appointment comes after the FTSE 100 group recently announced that it was planning to restructure the S&W unit, focusing on several core areas.

Analysts on blue-chip insurer

Barclays, which is ‘overweight’ on RSA, lowered its price target on the shares from 696p to 611p last week, while UBS reaffirmed its ‘neutral’ rating on the stock without specifying a valuation. According to MarketBeat, the blue-chip insurer currently has a consensus ‘buy’ rating and an average price target of 660.67p.

RSA warned on profits in September, revealing that large weather losses had hit its business in the UK.

As of 08:09 GMT, Wednesday, 28 November, RSA Insurance Group plc share price is 546.40p.

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