RSA Insurance Group has announced that RSA Insurance Ireland has received the resignation of CEO Philip Smith. Smith had been suspended pending the outcome of investigations into claims and finance issues. The resignation is effective immediately. No severance payment has been made to Smith.
RSA said it continues to work constructively with the Central Bank of Ireland (CBI) on this investigation. RSA has commenced the search for a new ceo in Ireland. In the interim Adrian Brown (currently CEO UK and Western Europe) continues to operate as acting ceo of RSA Ireland. The insurer said that no policyholders have been affected and RSA Ireland's business continues to operate as normal.
"I am certain that, when the recent issues arose, I quickly became the 'fall guy' for all issues. It is my firm belief that this opinion was arrived at irrespective of my involvement or otherwise, making it impossible for me to achieve justice and fairness. I have therefore been left with no other option but to resign," Smith said in a statement.
The 45-year old, who had led the Irish operation since 2007, insisted that he had worked to the best of his professional judgement and integrity.
He added: "My family and I have been truly traumatised by recent events and I have taken this most difficult of decisions in the best interests of my family.
"Resigning not only eases the stress and strain on them, but also offers me the opportunity to pursue justice outside the current flawed process."
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