RSA chief Simon Lee quits as 'black hole' at Irish arm widens Mr Lee, who has faced pressure after two profits warnings this year, will leave with immediate effect. The company said Martin Scicluna will become executive chairman until a new chief executive is appointed. The insurer said it will pour a further £135m in to the Irish business in addition to the £70m already injected, to keep its solvency ratio above 200pc. The cash injection combined with £25m in claims due to the stormy weather in Europe in early December has forced the insurer to issue a third profits warning. It now expects " mid-single digit group return on equity in 2013" and warned that the final dividend may be affected. Shares in the FTSE 100 insurer plunged more than 20pc following the news. Mr Lee's resignation comes just weeks after the boss of the Irish business Philip Smith resigned, claiming he was being made the "fall guy" for the alleged accounting irregularities. Mr Smith, along with the Irish unit's chief financial officer and claims director, Rory O'Connor and Peter Burke, had been suspended in early November following the discovery of the capital shortfall. "The last remaining prop for the shares, namely the dividend, is now likely to be materially weakened," said Eamonn Flanagan, an analyst at Shore Capital Group in a note to clients. The decisive action taken by the board and the quality of its assets across the globe should ensure that any fall in price be contained.