AIG completes the acquisition of Laya Healthcare
April 1st 2015: AIG today announced that it has completed its acquisition of laya healthcare, Ireland’s second largest health insurance provider, securing full regulatory approval.
The completion of the sale of laya healthcare underpins AIG’s declared commitment to accelerate the growth of its health business in Ireland and other key European markets. Laya healthcare has outperformed the market in recent years and now looks after the healthcare needs of almost 500,000 members; representing 24 per cent of Ireland’s private health insurance market.
Commenting on today’s announcement, Dónal Clancy, Managing Director of laya healthcare said, “From the very outset of our negotiations, our partners in AIG have been exceptionally encouraging and committed to our ambition to grow laya healthcare into one of the most progressive and member-obsessed health insurance businesses in the market. We are growing our business ahead of the market by fulfilling our promise to provide the best value health insurance and by following through on our commitment to look after our members always. 2015 looks set to be another strong performing year for laya healthcare and now with the support of our new owners, AIG, our outlook is even more optimistic.”
Global Head of AIG’s Health business, Jay Sheehy commented, “Today is an important day for all of us at AIG and laya healthcare; it’s the first day that we can sow the seeds of a successful business that boasts immense potential for the future. We plan to bring innovation, affordability and best-in-class health insurance to markets across the world and we are excited about the months and years ahead on this journey.”
Declan O’Rourke, General Manager at AIG Ireland said: “With the acquisition now complete, we can embark on implementing a roadmap for marrying our two great brands and businesses. While we have no immediate plans to rebrand the laya healthcare business, we can now start to focus on how our exciting alliance - now formalised - can start reaping benefits and value for our members and our teams.”
AIG has been operating in Ireland for over 40 years and already has significant global and EMEA operations based in Ireland in insurance, asset management and information technology. Laya healthcare will continue to be underwritten by Elips Insurance Ltd, a subsidiary of Swiss Re, while laya life will be underwritten by IptiQ Life SA.
For more on AIG go to www.aig.ie