RSA Insurance Ireland Limited acquires 123.ie

RSA Insurance Ireland Ltd. has today announced the acquisition, subject to regulatory approval, of 123 Money Limited (trading as 123.ie), one of the leading and fastest growing direct distributors of personal lines insurance products in the Irish market. 123.ie offers motor, home, pet and travel insurance to its current consumer base of circa 170,000 policyholders and generated premium income of €60 million to year end March, 2010.

Following the transaction RSA will become the second largest general insurer in Ireland with a market share of circa 14%. The announcement, RSA’s fourth local acquisition in as many years, is consistent with its strong record of growth in the Irish general insurance market and intent to build its major footprint in target sectors. 123.ie has gross assets of €20 million and on completion, consideration of €65 million is payable. Post acquisition 123.ie will continue to operate under its own brand and structure.

Philip Smith, CEO, RSA Insurance Ireland Ltd noted: “This very positive development accelerates our strategic objective to build on our major presence in the market and to continue to deliver sustainable, profitable growth. We are excited about the development prospects created by combining 123.ie’s strong brand with RSA’s financial strength and recognised technical expertise.”

Andrew Collins, Managing Director, 123.IE stated: “We are delighted to join such a strong global and local business as RSA. RSA’s professionalism and record of delivery in the general insurance market is second to none. Our combined strengths will directly support 123.ie’s continued expansion in the interests of our staff and rapidly growing customer base.”

  

Enquiries to:

Anne-Marie Curran,
Drury,
1 Richview Office Pk,
Clonskeagh,
Dublin 14.

Tel No: 01 260 5000
Mobile: 087 286 4079
E-Mail: annemarie.curran@drury.ie

Patrick Nally
RSA Insurance Ireland Ltd.
Dundrum Town Centre
Dundrum Road
Dublin 16.

Tel No:- 00 353 1 290 1198
Mobile:- 00 353 86 828 1395
E-Mail: patrick.nally@ie.rsagroup.com


RSA Insurance Ireland Ltd:-

  1. Established in Ireland in 1721
  2. 550 staff serving circa 500,000 customers across Ireland
  3. Underwrites all primary classes of non-life insurance
  4. Largest Property insurer in Ireland (home/commercial premises), a major insurer of Commercial SME’s, a significant underwriter of Special Risk insurance offerings (incl Engineering and Marine) and one of the largest providers of bespoke Motor Insurance scheme solutions
  5. Strong record of growth and development as evidenced by:
    1. Acquisitions of EGI Holdings (2006) Sertus (20007) and Benchmark (2009)
    2. Launch of new RSA Brand ( 2008) (previously Royal & SunAlliance)
    3. Relocation to new Head Office premises in Dundrum, Dublin (2008)
    4. Domestication of the Irish business involving an injection of >€100m in additional capital (2010)
    5. Expansion of regional presence in Galway and Cork involving investments in premises, technology and 60 new jobs (2009)
  6. Products channelled through a nationwide network of insurance brokers and selected brand partners
  7. Regulated by the Financial Regulator in Ireland

RSA Group plc:-

  1. With a 300 year heritage, RSA, a FTSE company, is one of the world’s leading multinational quoted insurance groups
  2. Focusing on general insurance, it has the capability to write business in over 130 countries and major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe
  3. It has around 23,000 employees serving circa 20 million customers
  4. In 2009, its net written premiums were £6.7bn
  5. Further information on:- www.rsagroup.com

123.IE:-

  1. Established in 2002
  2. 150 staff serving circa 170,000 customers
  3. Premium Income (to year end March 2010) circa €60m
  4. Business focussed on delivery of Motor, Home, Pet and Travel insurance offerings
  5. Business channelled through Web and Call Centre service operations
  6. Relocated to newly expanded office space in Sandyford, Co. Dublin (2010)
  7. Significant brand presence in the Irish market with high brand recognition scores recorded among general consumers
  8. Regulated by the Financial regulator in Ireland
  9. Further information on:- www. 123.IE.ie