Management changes to boost RSA strategy
Bnamericas Published: Thursday, November 06, 2003
Managerial changes at insurer insurer Royal & SunAlliance Chile early next year will further boost the company's strategic program, local daily La Segunda quoted Royal & SunAlliance Chile's president Victor Manuel Jarpa as saying. As of January 1, 2004, Fernando Concha will take on the role of company CEO replacing current CEO Gonzalo Sanin, the paper said. According to Jarpa, these changes in personnel form part of Royal & SunAlliance Chile's strategy to strengthen its presence in the personal, fire, property and casualty and general insurance segments. Royal & SunAlliance Chile is the fourth largest insurer in Chile and holds a 7-8% stake in the local insurance market, Jarpa said, adding that the company's goal is to obtain a 6% annual growth rate. Parent group UK-based insurer Royal & SunAlliance (NYSE: RSA) has established a corporate program aimed at gaining competitive advantage and consistent returns in the general insurance segment, at the expense of volume or market share. The group is currently offloading its life insurance assets in the LatAm region.
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