123 Money

The company was incorporated in March 2000[4] by Dublin insurance broker Derek Richardson.[5] It was the first online broker in Ireland, selling motor insurance, home and pet policies[6] under-written by the Irish office of US Travelers Insurance.[7] By March 2010, it had a consumer base of 170,000 policyholders and annual income of €60 million.[8] It was acquired by the RSA Insurance Group in July 2010 for €65 million.[9] 123.ie became a tied insurance agent for Irish Life in 2013,[10] offering mortgage life insurance[11] and lifelong insurance policies.[12] In March 2013, it reported a €7m profit and an increase in turnover of 31%.[13] In November 2013, it won Contact Centre Management Association awards for its customer retention programme and credit management team.[14]

123.ie was acquired by the RSA Insurance Group in July 2010 for €65 million.[15][16] It had reported gross assets of €20m at the time.[17] RSA became the underwriter of policies sold by 123.ie after the acquisition,[18] and took on its online infrastructure and physical offices.[19] 123.ie continues to trade under its own name branding after the acquisition.[20][21]