A round-up of other business news in brief

Irish premiums up at RSA as results surpass estimates

Insurer RSA, formerly known as Royal and Sun Alliance, saw its premiums grow by 3 per cent in Ireland in the first half of the year, due to continued rate increases and the impact of recent business wins and acquisitions, writes Fiona Reddan.

The company, which became the second-largest insurer in Ireland last week after its acquisition of 123.ie, saw its overall business volumes rise due to factors including recent wins in its Affinity business.

At group level, the UK insurer reported an increase in its premiums of 9 per cent, up to £3.8 billion, leading to an operating result of £381 million, ahead of analyst expectations.

AIB to hire advisers over share sale

AIB may hire Morgan Stanley, JPMorgan Chase, and Goodbody Stockbrokers to advise on a share sale, sources said. A fourth adviser may also be hired to aid the second-largest Irish bank on the sale, according to one source.

AIB managing director Colm Doherty said yesterday he expects to seek as much as €3 billion of equity in the fourth quarter. In total, Mr Doherty is seeking to raise €7.4 billion by the end of the year to meet new capital standards. – (Bloomberg)

Louth-based firm in 2m Tesco deal

Drogheda-based prepared foods company Nature's Best has announced a €2 million deal with Tesco Ireland to supply salads to the supermarket's outlets across the country.

Nature's Best will supply 24 lines of Tesco-branded salads in a deal worth €2 million a year, which will allow the company to employ an extra 25 people.

Nature's Best director Gus O'Reilly described the contract as "a great reward in a very tough business climate".

Financial staff up to scratch

Employees of life assurance firms who provide advice on, or sell retail financial products, are meeting required industry standards, an inspection by the Central Bank Financial Regulator has said.

Under requirements which were introduced in 2007, financial services firms must ensure that individuals who provide advice on, or sell retail financial products, or undertake certain specified activities such as claims administration, must meet certain standards.

These standards include holding a recognised qualification and undertaking a programme of Continuing Professional Development (CPD) on an ongoing basis.

Under "grandfathering" provisions, employees who meet a specified level of relevant industry experience do not require

a recognised qualification, provided that verification of their experience is documented and recorded.