Insurance company, RSA has suspended three of its senior executives over an investigation into several issues in its claims and finance divisions that cost around £70 million to the group.

It is the second such profit warning from the company in a week and will add pressure on chief executive, Simon Lee. The company had announced the suspensions yesterday after working hours when most people lad left for the weekend. Experts have said that the shares of the company are expected to fall significantly on Monday morning when the stock market opens.

Philip Smith, the chief executive of RSA Ireland, the chief finance officer Rory O'Connor and claims director Peter Burke have been suspended pending investigations. Three have been ordered to stay away from office during the investigations. The company had to inject more capital into the Irish operation due to the issue but said that no customers will be affected. UK and Western Europe chief executive Adrian Brown and claims director David Pitt is likely to take over the Irish operations, while Chris Rash, group chief accountant will become acting chief finance officer during the investigation.

It is believed that the profits will be £50 million lower than £330 million expected for the entire year.