RSA Insurance Ireland has announced plans to buy 123 Money, the company behind the 123.ie brand, which distributes personal insurance products in the Irish market.
RSA, which is owned by UK-based RSA Group, will pay €65m for the 123 Money business, if the deal is approved by regulators.
123.ie currently has around 170,000 policyholders and generated premium income of around €60m in the year to the end of March. It will continue to operate under its own brand after the deal is completed.
RSA Insurance - previously known as Royal & Sun Alliance - currently employs 550 people in Ireland and has around 500,000 customers here.
123.ie was set up in 2002 and currently has 150 staff. It offer motor, home, pet and travel insurance.
