Business

Thompson takes the top job at RSA Ireland

INSURANCE veteran Kevin Thompson has been formally appointed as CEO of RSA Ireland, following approval by the regulator Central Bank of Ireland. He will replace Ken Norgrove, who is moving to head up Codan/Trygg-Hansa, RSA Group’s Scandinavian business.

Mr Thompson joins RSA from Insurance Ireland, the industry body which he headed for seven years as CEO. He was previously CEO for AIG Life Ireland.

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Both RSA Ireland and Insurance Ireland have been in regulators’ lines of fire in recent years. In May this year the European Commission’s competition authorities opened a formal competition probe into Insurance Ireland, investigating whether restricted access to its Insurance Link database system may harm competition, in breach of EU rules.

That followed dawn raids on Insurance Ireland and a number of brokers here in July 2017.

The Insurance Link database is run by Insurance Ireland and provides the claims history of individuals who are seeking to take out a new policy with a new insurer.

Insurance Ireland has said it is co-operating with the probe.

Separately, the Central Bank of Ireland fined RSA Insurance Ireland €3.5m last year for regulatory breaches linked to a 2013 accounting scandal, when its UK parent was forced to inject €423m to fill a hole left in the Irish unit’s balance sheet.

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