Royal & Sun Alliance has finally appointed a new chief executive, three months after its previous boss left following a poor run of results.

AXA Sun Life chief executive Andy Haste will become the insurance giant's new boss in April.

John Napier will also be joining RSA from water firm Kelda to become the firm's chairman.

RSA's former chief executive Bob Mendelsohn left the firm in September, following considerable unrest amongst shareholders over the firm's performance.

The firm's chief operating officer Bob Gunn has been acting as chief executive since Mr Mendelsohn left.

RSA had been hit hard by the stock market slump, asbestos claims and flood liabilities.

Its shares have tumbled during the course of 2002, after a series of weaker-than-expected results.

In August its shares dived by more than 20% after the firm said it was considering a rights issue in order to bolster its finances.

But the company was forced to change its plans and is now looking to improve its fortunes by shedding thousands of jobs and selling-off some of its assets.