RSA Insurance Group, an Ireland-based general insurer, has agreed to acquire 123 Money (123.ie), a direct distributors of personal lines insurance products in Ireland.
123.ie offers a range of non-life products including motor, home, pet and travel insurance through the web and its own call center.
With around 170,000 policyholders, 123.ie generated premium income of about EUR60m in the year ended March 31, 2010.
According to the RSA, 123.ie has gross assets of around EUR20m and on completion, consideration of EUR65m after retentions will be payable in cash with a further deferred element linked to future performance targets.
Simon Lee, CEO of International at RSA, said: “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.”
The completion of the transaction is subject to regulatory approval.