RSA acquires 123.ie in Ireland (July 28th 2010)
RSA Insurance Group plc (RSA) announces the acquisition of 123 Money Limited (123.ie), one of the leading and fastest growing direct distributors of personal lines insurance products in Ireland.123.ie offers Motor, Home and Pet insurance and, with around 170,000 policyholders, generated premium income of about EUR 60m (GBP 50m) in the year ended 31 March 2010. Following this transaction RSA will become the second largest general insurer in Ireland.
123.ie has gross assets of around EUR 20m (GBP 17m) and on completion, consideration of EUR 65m (GBP 54m) after retentions is payable in cash with a further deferred element linked to future performance targets.
Simon Lee, CEO of International, commented, “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 recognised technical expertise.”
Completion of the transaction is subject to regulatory approval.
123.ie Expansion continues (March 22nd 2010)
123.ie have now moved into their newly expanded office space in Sandyford, Co. Dublin. The new space can accommodate up to 250 staff and is part of an ongoing development plan for the organisation. Andrew Collins, CEO, said of the move “Our continued success has allowed us to create over 50 new positions in the last 6 months and also gives us space for future growth, our low cost model continues to win new customers who appreciate low prices and our friendly yet professional service”. 123.ie sells a range of insurance products including car insurance, home insurance, life insurance, travel insurance and most recently Pet insurance.
New TV campaign launched. (January 5th 2010)
123.ie today announced the launch of its latest car insurance TV campaign featuring everybody’s favourite game show host, Ivan Answer. Ivan is joined by three contestants in his latest on screen appearance and is still wowing the audience with his €290 car insurance deal. Various print executions of the TV campaign will appear in print in the coming months.
123.ie Launches Pet Insurance Product (22nd June, 2009)
- One in three pets likely to require veterinary treatment per annum
- Veterinary treatment for many illnesses can cost €2,500 or more*
One in three pets is likely to require veterinary treatment in any year according to Irish online insurance company, 123.ie which has announced a new pet insurance product in Ireland for cats and dogs.*
Like their owners, cats and dogs also suffer from similar ailments related to lifestyle including diabetes, irritable bowel syndrome and heart disease. As a result of advances in medical science pets are also living longer which is increasing demand for veterinary care.
“Vets report increased numbers of pets in the 11-14 year old range leading to a new generation of OAPs or Old Age Pets,” commented Padraig O’Neill, marketing manager, 123.ie.
He says that 123.ie is bringing welcome competition to the pet insurance market in Ireland not only in terms of competitive rates but cover. “We are the only insurance intermediary in Ireland, for example, that can insure a pet regardless of its age.” However, he advises that owners should insure their pets at a younger age as they can benefit from lower premiums.
The ten largest type of claims which 123.ie’s international insurance partner Red Sands Insurance Company (Europe) Limited paid for in veterinary fees in 2009 all exceeded Stg£2,000. According to Ed O’Regan, chief underwriter at Red Sands, treatments range from chemotherapy, MRI scans and orthopaedic-related therapies to cruciate ligament operations.
“Many Irish owners do not realise until they need it, that veterinary treatment can be expensive,” added Padraig O’Neill.
123.ie offers three types of pet cover for vet fees from accidents only, caused by cars or other dogs to comprehensive lifetime cover for accidents and illness. 123.ie policies can cover the cost of holiday cancellation if a cat or dog requires life saving surgery. It can also cover boarding kennel or cattery fees if the owner has to spend more than four days in hospital.
All of 123.ie’s policies provide €250,000 of public liability cover if the owner is legally liable for damages caused by his or her pet. “If your dog bit a child or other person, even if provoked, then you are likely to be legally liable,” said Padraig O’Neill. In the UK one in four pets is insured but figures are much lower for Ireland and the rest of Europe.
There are no reliable figures for the number of cats and dogs in Ireland. The Minister for the Environment & Local Government in answer to a Dail question in 2001 estimated that there could be 750,000 dogs. The number of cats has been estimated at 1 million.
123.ie’s partner in the administration of the new pet insurance product is Ultimate Pet Partners. Founded in 2003 Ultimate Pet Partners has processed in excess of 275,000 pet related claims in the UK amounting to over £65m in value.
Further details on the pet insurance product are available from www.123.ie.
New Guaranteed Acceptance Life Insurance (11th Aug 2008)
123.ie are delighted to announce the launch of our new guaranteed acceptance Life Insurance product. Arranging Life Insurance or Mortgage protection can be a time consuming process with some companies requiring lengthy application forms and detailed medical underwriting. This can take anywhere from 2-6 weeks, require medical examinations and can delay the purchase of a house. 123.ie's new product caters for the vast majority of fortunate people who have never had serious medical conditions. All underwriting is done via 4 sets of questions about your recent medical history. If you can complete these satisfactorily, that’s it - - we can put you on cover straight away
- in under 24 hours
- the pricing is very competitive too
- and we are offering a 70% introductory discount off your first year's premium
- this product is exclusive to 123.ie and unique in the Irish Market
For more information call 1890 221 123 and speak with the Life team. |
“It’s as easy as 123.ie for online insurance in Ireland”