BUZZ-RSA: Goldman downgrades sends stock to 1-year low
** Insurance co RSA, in the midst of a turnaround after posting losses in 2013, down at 1-yr lows as Goldman Sachs (NYSE: GS-PB - news) cuts rating on stock to "sell" vs "neutral" following recent FY results
** Broker's take-away from FY: despite co making progress on restructuring & balance sheet clean-up, headwinds to operating earnings have "worsened materially"
** RSA battling a competitive insurance market & low govt bond yields which are hitting investment returns
** GS (KSE: 078935.KS - news) fails to see RSA reaching bottom of its 12-15 pct ROTE target range until 2017 - when full restructuring benefits start to materialize
** Co posted losses in 2013 following a series of weather-related claims and an accounting scandal at its Irish unit (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)