Friday 19 October 2018

Blunder in accounts reveals payment details of several clients

John Mulligan

John Mulligan

INSURANCE firm inadvertently leaked details of settlements and payments made to a handful of clients when it filed its annual accounts with the Companies Records Office.

The data, seen by the Irish Independent, reveals payments totalling more than €40,000 that were made to four of the insurer's retail customers.

Names of two of the customers were revealed under a heading called 'Client Settlements/Payments', including a husband and wife who received €12,000 in relation to a claim on their household insurance.

A gratuity payment of €100 was made to another customer relating to motor insurance, while more than €29,200 was paid to another client in settlement of a claim.

A spokeswoman for the Data Protection Commissioner said yesterday that the data leak was "not ideal", but said that because the addresses of the clients weren't included, the office didn't consider it a breach. The leak also contains partial details of policy numbers.

The accounts were signed off at the end of August and put on the CRO system within the past few days. A spokesman for declined to comment.

The leak came amid what was a stellar set of results for the 123 business for the year ended in March. The accounts show that's profits nearly quadrupled to €7m in the 12 months to the end of March.

Turnover at the business jumped nearly 31pc to €29.4m, while the cost of sales rose 25pc to €2m. The company's directors, including Andrew Collins, said they were "satisfied" with the results for the year.

Mr Collins was managing director of the business when it was acquired by RSA in 2010 for €65m and is thought to have made about €20m from the sale.

The transaction came 10 years after 123 was founded by Derek Richardson. Recently releasing its half-year results, RSA said that was performing "well ahead of the original business case" since it bought the Irish insurer.

The accounts also show that 123 invested nearly €1.5m in a new software system during the financial year.

The total amount of directors' remuneration dropped significantly during the financial year, from €1.98m to €343,000.

The company employed 270 people at the end of March, up from 201 a year earlier.

The company paid a total of €8.8m in wages and salaries in the last financial year, up from €6.5m the previous year.

Irish Independent

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