LONDON (Reuters) – British insurer RSA blamed a handful of executives for accounting irregularities at its Irish division, attempting to draw a line under a scandal that left it with a 200 million pound ($329 million) hole in its finances.
The company has fired two executives, it said on Thursday, adding to the resignations of Philip Smith, the head of the Irish business, and group CEO Simon Lee late last year because of the scandal. RSA said it is also taking legal advice on whether to pursue a claim against its former auditor, Deloitte.
RSA said investigations found that the accounting irregularities were an isolated case, but the insurer is not out of the woods quite yet and signalled a new risk to its dividend from extreme weather that it said would hit 2013 results.
Chairman Martin Scicluna declined to comment on how much the dividend could drop, saying that the decision will be taken just before the company reports full-year earnings next month.
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