Main underwriter out-bid by RSA for Irish motor broker
Travelers, the US insurer that underwrote Irish broker 123.ie’s policies, was a failed bidder for the firm bought by rival RSA, the Irish Independent reports.
A spokeswoman for Travelers said it did not comment on "rumours or speculation relating to mergers and acquisitions". But Travelers was 123.ie’s main underwriter. Policies will now be written by RSA.
Motor bias
The paper claims 123.ie's business was valuable because of its heavy bias towards motor insurance, not household, which has been unprofitable due to bad weather claims in Ireland.
It quotes an anonymous source as saying: "123.ie wouldn't have much household, relatively speaking, so they'd be in better shape than you might think.”
Travelers said: "Our plan is to grow our retail and commercial businesses."
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