RSA Acquires 123.ie in Ireland

The UK’s RSA Insurance Group plc announced the acquisition of 123 Money Limited (123.ie), which it described as “one of the leading and fastest growing direct distributors of personal lines insurance products in Ireland.”

123.ie offers Motor, Home and Pet insurance and, with around 170,000 policyholders, generated premium income of about €60 million (£50 million; $78 million) for the year ended March 31, 2010.

The bulletin also noted that “following this transaction RSA will become the second largest general insurer in Ireland.” Completion of the transaction is subject to regulatory approval.

RSA added that “123.ie has gross assets of around €20 million (£17 million; $26 million) and on completion, consideration of €65 million (£54 million; $84.6 million) after retentions is payable in cash with a further deferred element linked to future performance targets.”

RSA’s International CEO Simon Lee commented, “The acquisition of 123.ie complements our existing intermediated distribution capability by giving us a leading direct presence and will make RSA the number two general insurer in Ireland. We are excited about the growth prospects created by combining 123.ie’s strong brand with RSA’s financial strength and recognized technical expertise.”

Source: RSA Group