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RSA Insurance exits UK private motor market

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By John Healy of Healy Insurances

RSA Insurance has announced it will exit the UK personal lines car insurance market over the next year, with a sale arranged to rival insurer, Swinton.

RSA Insurance was formed through the merger of Sun Alliance and Royal Insurance in 1996 and was acquired by Canadian multinational, Intact Financial Corporation in November 2021. RSA said the motor market in the UK remained competitive yet “requires significant scale to drive meaningful outperformance”.

The RSA motor business in the UK represents about £120 million of annual premium but the 'Insurance Times' reported that the RSA’s private motor segment was operating at a loss, meaning the lost premium does not represent an operating loss to the business.

“When we completed the acquisition of RSA, we were clear that we would take necessary actions to drive sustainable outperformance in UK and Ireland," Charles Brindamour, CEO of the Intact Financial Corp, said. "[The] announcement represents a further step in delivering against our strategic roadmap to optimise our footprint around Personal Lines, Home and Pet, and our Commercial and Speciality lines businesses.”

Car premiums in the UK have increased by 21.1% from February 2021 to February 2022. Market sources concluded that inflation and supply chain disruption are pushing up the costs insurers face in fixing and replacing vehicles. The average annual car insurance premium in the UK is £929 which rises considerably in London to £1,419.

At the time of writing, it has just been announced that RSA are also exiting commercial mini fleet insurance in the UK from June 1, 2023.

RSA have not made any comment on their Irish operations. In the Republic of Ireland, RSA Insurance offer car insurance products via Insurance Brokers and Bank of Ireland. RSA also own 123.ie.

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Hermitage Green set for landmark St Mary’s Church concert

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The Wander Wild Festival, supported by Pig’s Lane, has confirmed that Irish trad-folk band Hermitage Green will headline a special concert as part of this year’s outdoor, culture, and wellness programme.

The performance is scheduled for Saturday, April 18, at St Mary’s Church of the Sloes, a venue chosen for its unique atmosphere and stunning acoustics.

Known for an original instrumental arrangement that features the bodhrán, djembe, rhythmic guitar, and banjo, the five-piece band is entering its 15th year with significant momentum.

Their 2024 album, Connection, showcased a broadened creative scope through collaborations with author Gregory David Roberts and artist Bobby Fingers, earning praise for its emotional storytelling and sonic ambition.

This recent success was mirrored on stage when the group closed the Rankin Woods Stage at Electric Picnic and followed it with a sold-out performance at Dublin’s Olympia Theatre.

Doors for the St Mary’s Church of the Sloes event will open at 8:00 pm on April 18, with tickets currently available through the official festival booking platform.

The Wander Wild Festival itself runs from April 17 to 19 and is supported by Fáilte Ireland, Kerry County Council, 53 Degrees North, Heineken 00, and Pig’s Lane.

With over 160 events scheduled across the weekend, the festival continues to establish Killarney as a leading destination for adventure and culture.

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O’Brien Coffey MacSweeney launches OBCM Wealth Management

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O’Brien Coffey MacSweeney Chartered Accountants has announced the launch of OBCM Wealth Management. The new brand has been established to reflect the growth of the firm’s pensions, investment, and protection services, marking a new stage in its expansion as a distinct financial services provider.
The growth of the division has been led by John Cronin, who joined the firm 18 months ago. Mr Cronin is a dual-qualified lawyer in Ireland and New York, a Qualified Pension Trustee, and a Qualified Financial Adviser. With over 15 years of experience across the legal and financial sectors, he provides specialist guidance on complex pension and investment matters.
John joins James O’Brien and Patrick MacSweeny, both of whom are Chartered Accountants and Qualified Financial Advisers. Their combined backgrounds in taxation and business advisory form the basis of the firm’s integrated approach to financial planning.
“We were delighted to welcome John to expand the existing financial services business,” said James O’Brien. “His extensive experience in the industry has already been a significant benefit to our clients. Combined with our tax and accountancy expertise, it enhances our ability to provide a comprehensive, client-focused service.”
The team at OBCM Wealth Management will continue to offer tailored professional advice aimed at helping clients build secure financial futures through dedicated pension and protection strategies.

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