Business Irish

Thursday 2 October 2014

Premiums up 5pc at insurance firm 123.ie in 2012

Published 20/02/2013 | 11:44

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IRISH insurance business 123.ie delivered an “impressive performance” last year, according to its UK owner, RSA Insurance.

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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.

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