Premiums up 5pc at insurance firm 123.ie in 2012
IRISH insurance business 123.ie delivered an “impressive performance” last year, according to its UK owner, RSA Insurance.
Releasing preliminary results for 2012 this morning, RSA said total premiums written in Ireland rose 5pc last year to £348m (€397.7m). It said the performance had been achieved in a market that had been expected to contract by 6pc in 2012.
RSA acquired 123.ie in 2010 for €65m, a decade after it was founded by Derek Richardson. The sale made millions for 123.ie directors, including then managing director Andrew Collins, who remains a director of the business. He made an estimated €20m from the sale.
The most recent set of accounts for 123.ie show it made a €7m profit in the 12 months to the end of last March, as turnover rose 31pc to €29.4m.
RSA has previously said that 123.ie has been performing “well ahead of the original business case” since it acquired the company.