RSA purchases 123 Money for €65m

THE insurance market will see some jostling for pole position following the €65 million acquisition by RSA Insurance of 123 Money.

Competitors like VHI, Aviva and AXA looked on with interest as RSA’s purchase gave it a larger footprint in the market. Already a major player globally, with 23,000 employees serving 20 million customers, RSA’s acquisition ensures its Irish online and call centre services are now comparable to its other global operations.

This €65m sale is the second major sale for 123’s CEO, Andrew Collins, who in 2006 was said to have made around €20m for his 35% stake in Needahotel.com, bought by Cendant for a reported €60m.