Philip Smith resigns and RSA Insurance Ireland chief

Philip Smith has resigned as the chief executive of RSA Insurance in Ireland.

Earlier this month Smith and two other senior executives were suspended following allegation of serious financial irregularities.

RSA had to recapitalise the Irish business with €100m and says it’s also reviewing the reserves it holds to deal with insurance claims.

In a statement Smith said he and his family have traumatised by recent events, and he claims the ongoing investigation by RSA has a pre-determined outcome.