Laya Healthcare will continue to operate in Cork where it employs 450 people
AIG has agreed to buy Irish health insurance provider Laya Healthcare, for an undisclosed sum.
The transaction is expected to close in the first half of 2015, subject to regulatory approval.
Laya Healthcare has said it is business as usual when it comes to members’ day-to-day dealings with the company. The company will continue to operate in Cork, where it employs 450 people.
“AIG’s global scale and reach presents us with the opportunity to expand the Laya Healthcare offering in Ireland and across Europe where AIG has significant plans for growth,” Laya managing director Dónal Clancy said.
“Swiss Re subsidiary Elips Insurance will continue to underwrite our health insurance policies and IptiQ Life will underwrite life insurance policies,” he added.
International insurance organisation AIG currently provides motor, home, personal accident and travel insurance to the Irish market, as well as commercial insurance products. The Laya deal is expected to expand AIG Health’s global footprint and accelerates plans for EMEA growth.
“Our investment in Ireland will broaden the footprint of AIG’s Health business which up until now has primarily focused on the US and Asia,” AIG global head of health Jay Sheehy said.
Operating in Ireland since 1997, Laya Healthcare has nearly 500,000 customers, and serves more than 23 per cent of the Irish private health market.
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