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RSA acquires 123.ie
RSA Insurance Group plc (RSA) has acquired 123 Money Limited (123.ie), one of Ireland’s leading and fastest growing direct distributors of personal lines insurance products.
123.ie offers Motor, Home and Pet insurance and, with around 170,000 policyholders, generated premium income of about EUR 60m (CAD$80.9 million) in the year ended March 31, 2010. Following this transaction RSA will become the second largest general insurer in Ireland.
123.ie has gross assets of around EUR 20m and on completion, consideration of EUR 65m after retentions is payable in cash with a further deferred element linked to future performance targets.
