RSA chief resigns saying he is ‘fall guy’

RSA Insurance Group Plc’s Irish unit chief executive officer, Philip Smith, resigned, saying he was made a “fall guy” amid an internal investigation into the insurer’s accounting practices.

“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,” said Mr Smith, 45, in emailed statement. Resigning “offers me the opportunity to pursue justice outside the current flawed process”.

RSA said on Nov 8 that it suspended Mr Smith and two other executives pending an internal examination of accounting practices at the Irish unit. The probe sparked the biggest sell-off in the shares in more than a decade as analysts questioned internal controls and RSA injected €100m to bolster capital.