{{Infobox company | name = 123.ie | logo = | caption = | type = | traded_as = | fate = | predecessor = | successor = | foundation = <!-- {{Start date|YYYY|MM|DD}} --> | founder = | defunct = <!-- {{End date|YYYY|MM|DD}} --> | location_city = Dublin, Ireland | locations = | area_served = | key_people = | industry = Insurance industry | products = | services = | revenue = | operating_income = | net_income = | aum = <!-- Only used with financial services companies --> | assets = | equity = | owner = | num_employees = | parent = RSA Insurance Group | divisions = * Mortgage protection insurance | subsid = | homepage = {{URL|www.123.ie}} | footnotes = | intl = }}
'''123 Money Ltd''', trading as '''123.ie''', is an Irish insurance company with registered offices in Dublin. It sells personal insurance products online, including motor, home, health and life insurance. It became a subsidiary of RSA Insurance Ireland Ltd. in 2010<ref>[http://www.independent.ie/business/irish/online-insurer-123ie-sold-to-uk-giant-royal-sun-alliance-for-65m-26667369.html "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010]</ref> and it is regulated by the Central Bank of Ireland. In 2012, it reported sales worth €91 million<ref>[http://www.independent.ie/business/irish/415m-sales-boost-rsa-challenge-26824923.html "€415m sales boost RSA challenge", Irish Independent, 24 Feb 2012]</ref> and 270 employees.<ref>[http://www.independent.ie/business/irish/blunder-in-123ie-accounts-reveals-payment-details-of-several-clients-26898214.html "123.ie accounts", Irish Independent, 15 Sept 2012]</ref>
== History ==
The company was incorporated in March 2000<ref>[https://opencorporates.com/companies/ie/323099 CRO entry for 123 Money Ltd]</ref> by Dublin insurance broker Derek Richardson.<ref>[http://www.independent.ie/business/irish/rsa-says-123ie-business-is-continuing-to-deliver-29466856.html "RSA says 123.ie business is continuing to deliver", Irish Independent, 2 Aug 2013]</ref> It was the first online broker in Ireland, selling motor insurance, home and pet policies<ref>[https://web.archive.org/web/20140905002106/http://www.thesundaytimes.co.uk/sto/news/ireland/Business/News/article365022.ece "123.ie price could reach €110m", Sunday Times, 8 Aug 2010]</ref> under-written by the Irish office of US Travelers Insurance.<ref>[http://www.independent.ie/business/irish/online-insurer-123ie-sold-to-uk-giant-royal-sun-alliance-for-65m-26667369.html "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010]</ref> By March 2010, it had a consumer base of 170,000 policyholders and annual income of €60 million.<ref>[http://www.irishexaminer.com/business/rsa-purchases-123-money-for-65m-126435.html "RSA purchases 123 Money for €65m, Irish Examiner, 29 July 2010]</ref> It was acquired by the RSA Insurance Group in July 2010 for €65 million.<ref>[http://www.independent.ie/business/irish/online-insurer-123ie-sold-to-uk-giant-royal-sun-alliance-for-65m-26667369.html "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010]</ref> 123.ie became a tied insurance agent for Irish Life in 2013,<ref>[http://www.independent.ie/business/irish/irish-life-delivers-31m-boost-for-greatwest-30008351.html "Irish life delivers €31m boost for Great-West", Irish Independent, 14 Feb 2014]</ref> offering mortgage life insurance<ref>{{Cite web |url=http://www.irishlife.ie/uploadedFiles/mort-life-booklet-123.ie.pdf |title=Mortgage Life Insurance Policy Document {{!}} Irish Life |access-date=2018-12-23 |archive-date=2017-11-16 |archive-url=https://web.archive.org/web/20171116015854/https://www.irishlife.ie/uploadedFiles/mort-life-booklet-123.ie.pdf |url-status=dead }}</ref> and lifelong insurance policies.<ref>{{Cite web |url=http://www.irishlife.ie/uploadedFiles/life-long-booklet-123.ie.pdf |title=Life Long Insurance Policy Document {{!}} Irish Life |access-date=2018-12-23 |archive-date=2017-11-16 |archive-url=https://web.archive.org/web/20171116035229/https://www.irishlife.ie/uploadedFiles/life-long-booklet-123.ie.pdf |url-status=dead }}</ref> In March 2013, it reported a €7m profit and an increase in turnover of 31%.<ref>[http://www.independent.ie/business/irish/premiums-up-5pc-at-insurance-firm-123ie-in-2012-29083999.html "Premiums up 5% at insurance firm 123.ie in 2012", Irish Independent, 2 Feb 2013]</ref> In November 2013, it won Contact Centre Management Association awards for its customer retention programme and credit management team.<ref>[https://www.ccma.ie/awards/785/2013-irish-contact-centre-and-shared-services-awards.html CCMA Irish Contact Centre and Shared Services Awards 2013]</ref>
== Acquisition by RSA ==
123.ie was acquired by the RSA Insurance Group in July 2010 for €65 million.<ref>[http://www.independent.ie/business/irish/online-insurer-123ie-sold-to-uk-giant-royal-sun-alliance-for-65m-26667369.html "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010]</ref><ref>[http://www.irishexaminer.com/business/rsa-purchases-123-money-for-65m-126435.html "RSA purchases 123 Money for €65m", Irish Examiner, 29 July 2010]</ref> It had reported gross assets of €20m at the time.<ref>[https://web.archive.org/web/20140905002106/http://www.thesundaytimes.co.uk/sto/news/ireland/Business/News/article365022.ece "123.ie price could reach €110m", Sunday Times, 8 August 2010]</ref> RSA became the underwriter of policies sold by 123.ie after the acquisition,<ref>[http://www.independent.ie/business/irish/main-underwriter-travelers-was-failed-bidder-for-123ie-26669201.html "Main underwriter Travelers was failed bidder for 123.ie", Irish Independent, 4 August 2010]</ref> and took on its online infrastructure and physical offices.<ref>[http://www.independent.ie/business/irish/online-insurer-123ie-sold-to-uk-giant-royal-sun-alliance-for-65m-26667369.html "Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010]</ref> 123.ie continues to trade under its own name branding after the acquisition.<ref>[https://web.archive.org/web/20140905002106/http://www.thesundaytimes.co.uk/sto/news/ireland/Business/News/article365022.ece "123.ie price could reach €110m", Sunday Times, 8 Aug 2010]</ref><ref>[http://www.123.ie/ Company website]</ref>
== References == {{Reflist}} {{Refbegin}} {{refend}}
Category:Insurance companies of Ireland Category:Financial services companies based in Dublin (city) Category:Financial services companies established in 2002 Category:Irish companies established in 2002