Insurer to appeal €1.25m award for ex-chief executive

RSA Insurance is to appeal against the €1.25m award by the Employment Appeals Tribunal to former chief executive Philip Smith, stating that it fundamentally disagrees with the judgment and will seek redress through the courts.

Mr Smith, who had been earning €620,000 a year, resigned from RSA in 2013 following revelations of discrepancies in accounts.

He sued for constructive dismissal, saying he was forced out and was made the “fall guy” after an increase in claims meant RSA’s reserving came in for scrutiny by the Central Bank.