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Daily Insurance Industry News
Monday 23rd of April 2018
July 29, 2010

RSA expands in Ireland with 123 Money acquisition

by Gill Montia

Story link: RSA expands in Ireland with 123 Money acquisition

RSA expands in Ireland with 123 Money acquisition

RSA is acquiring 123 Money Limited, a fastest-growing direct distributor of personal lines insurance products in Ireland.

Founded in 2002 and trading as 123.ie, the Dublin-based firm offers motor, home and pet insurance.

It employs almost 200 staff, has around 170,000 policyholders and generated premium income of about €60 million in the year to the end of March 2010.

The purchase is being made for €65 million, with a deferred element linked to future performance, and on completion of the transaction, RSA will become the second-largest general insurer in the Republic.

The group’s chief executive officer international, Simon Lee, comments: “We are excited about the growth prospects created by combining 123.ie’s strong brand with RSA’s financial strength and recognised technical expertise.”

 

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