RSA Insurance Ireland has suspended its CEO, CFO and claims director after issues were identified during a routine company audit.

The insurance firm, which also owns 123.ie, said Philip Smith, Rory O'Connor and Peter Burke would be suspended pending the outcome of an investigation into the matters.

In a statement the company said that no findings had been made against any individual at this time, adding that no policyholders would be affected while the business would continue to operate as normal. 

However RSA said it that, as a result of the issues, it anticipated its 2013 operating results would be £70 million lower than current market expectations.

The firm said it had informed the Central Bank of the issue and was "working closely with them".

RSA Insurance Group said the matter was separate to its recent identification of the need to increase reserves due to an increase in bodily injury claims.

It said it has now injected capital into its Irish branch to "ensure its solvency ratio is comfortably in excess of 200%".

Adrian Brown, who is CEO of the company's British and western European operations, has been named as acting CEO of its Irish subsidiary.

Current group chief accountant Chris Rash will be acting CFO, while David Pitt - currently claims director in Britain and western Europe - will take up operational leadership of the position in Ireland.