# 123 Money

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{{Infobox company
| name             = 123.ie
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| foundation       = <!-- {{Start date|YYYY|MM|DD}} -->
| founder          = 
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| location_city    = [Dublin](/source/Dublin), Ireland
| locations        = 
| area_served      = 
| key_people       = 
| industry         = [Insurance industry](/source/Insurance_industry)
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| assets           = 
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| parent           = [RSA Insurance Group](/source/RSA_Insurance_Group)
| divisions        = 
* [Mortgage protection insurance](/source/Mortgage_protection_insurance)
| subsid           = 
| homepage         = {{URL|www.123.ie}}
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}}

'''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](/source/car_insurance), [home](/source/home_insurance), [health](/source/health_insurance) and [life](/source/life_insurance) 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](/source/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](/source/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](/source/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 ==
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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

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Adapted from the Wikipedia article [123 Money](https://en.wikipedia.org/wiki/123_Money) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/123_Money?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.