RSA Insurance Group has announced today that it has acquired online insurance broker 123 Money, which trades as 123.ie, in a deal worth €65m.
123.ie, which provides motor, home and pet insurance, has about 170,000 policyholders and generated premium income of around €60m in the year ending 31 March 2010. It has gross assets of around €20m.
“The acquisition of 123.ie complements our existing intermediated distribution capability by giving us a leading direct presence and will make RSA the No 2 general insurer in Ireland,” said Simon Lee, CEO of RSA International. “We are excited about the growth prospects created by combining 123.ie’s strong brand with RSA’s financial strength and recognised technical expertise.”
Completion of the transaction is subject to regulatory approval.
Article courtesy of Businessandleadership.com