123 Money

123 Money Ltd, trading as 123.ie, is an Irish insurance company with registered offices in Dublin. It sells personal insurance products online, including motor, home, health, life, pet and travel insurance. It became a subsidiary of RSA Insurance Ireland Ltd. in 2010[1] and it is regulated by the Central Bank of Ireland. In 2012, it reported sales worth €91 million[2] and 270 employees.[3]

123.ie
IndustryInsurance industry
Headquarters
Dublin
,
Ireland
ParentRSA Insurance Group
Divisions
  • Mortgage protection insurance
Websitewww.123.ie

History

The company was incorporated in March 2000[4] by Dublin insurance broker Derek Richardson.[5] It was the first online broker in Ireland, selling motor insurance, home and pet policies[6] under-written by the Irish office of US Travelers Insurance.[7] By March 2010, it had a consumer base of 170,000 policyholders and annual income of €60 million.[8] It was acquired by the RSA Insurance Group in July 2010 for €65 million.[9] 123.ie became a tied insurance agent for Irish Life in 2013,[10] offering mortgage life insurance[11] and lifelong insurance policies.[12] In March 2013, it reported a €7m profit and an increase in turnover of 31%.[13] In November 2013, it won Contact Centre Management Association awards for its customer retention programme and credit management team.[14]

Acquisition by RSA

123.ie was acquired by the RSA Insurance Group in July 2010 for €65 million.[15][16] It had reported gross assets of €20m at the time.[17] RSA became the underwriter of policies sold by 123.ie after the acquisition,[18] and took on its online infrastructure and physical offices.[19] 123.ie continues to trade under its own name branding after the acquisition.[20][21]

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References
  1. "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010
  2. "€415m sales boost RSA challenge", Irish Independent, 24 Feb 2012
  3. "123.ie accounts", Irish Independent, 15 Sept 2012
  4. CRO entry for 123 Money Ltd
  5. "RSA says 123.ie business is continuing to deliver", Irish Independent, 2 Aug 2013
  6. "123.ie price could reach €110m", Sunday Times, 8 Aug 2010
  7. "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010
  8. "RSA purchases 123 Money for €65m, Irish Examiner, 29 July 2010
  9. "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010
  10. "Irish life delivers €31m boost for Great-West", Irish Independent, 14 Feb 2014
  11. Mortgage Life Insurance Policy Document | Irish Life
  12. Life Long Insurance Policy Document | Irish Life
  13. "Premiums up 5% at insurance firm 123.ie in 2012", Irish Independent, 2 Feb 2013
  14. CCMA Irish Contact Centre and Shared Services Awards 2013
  15. "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010
  16. "RSA purchases 123 Money for €65m", Irish Examiner, 29 July 2010
  17. "123.ie price could reach €110m", Sunday Times, 8 August 2010
  18. "Main underwriter Travelers was failed bidder for 123.ie", Irish Independent, 4 August 2010
  19. "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010
  20. "123.ie price could reach €110m", Sunday Times, 8 Aug 2010
  21. Company website
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