Insurance giant Royal Sun Alliance (RSA) has seen its share price plunge on Monday over fears of inadequate bookkeeping systems.
RSA informed the London Stock Exchange of an impending review after trading closed on Friday - but the market moved quickly to shed stock on Monday.
In early trades the insurer was trading nearly 15% down on the FTSE 100 before easing to around 12% by 8.30am.
The company said that it commissioned an independent review of its reporting processes and controls - and suspended three senior executives at its Irish unit.
RSA Insurance Ireland has suspended its chief executive, Philip Smith, chief financial officer Rory O'Connor and claims director Peter Burke pending the outcome of the investigation into "issues in the Irish claims and finance functions".
Group chief executive Simon Lee said: "We are extremely disappointed with the issues which have been identified and their financial impact on the group.
"Whilst the investigation is ongoing, I am confident that these issues are isolated to the Irish business.
"No policy holders have been affected … Nevertheless, we want to ensure that the actions being taken in Ireland and across the group are correct and that all lessons are learnt."
The company share price also suffered last week - after claims that the so-called St Jude storm would see up to £65m in damage claims on policies in Britain, Europe and Scandinavia.
Its shares tumbled more than 8% after it warned profits would be dented by the storm.
Packing winds of hurricane strength, St Jude, as it was named in the UK after the patron saint of lost causes, veered towards Scandinavia where it was known as Christian.
RSA said insured losses caused by the severe weather in Europe and flooding in Canada were "materially above assumptions" and that full-year returns to shareholders were likely to suffer.
RSA had said in August it remained on track to meet full-year targets after absorbing the cost of claims from Canada's floods, though it conceded the impact would continue into the second half of 2013.
The company said the Irish investigation will not have a long-term impact on the group.
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