Health insurance provider, Laya Healthcare, has confirmed the sale of 100% of its shares to international insurance organisation, AIG.
Laya Healthcare said they will continue to operate in Cork and will be part of AIG’s global healthcare business.
The health insurer will be able to offer its members access to AIG’s complimentary products.
Dónal Clancy, Managing Director of laya healthcare said: "Today marks a huge milestone – and an incredibly proud one – for laya healthcare. This is exceptionally positive news for our almost half a million members, our team and our business.
"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.
"Swiss Re subsidiary Elips Insurance Ltd will continue to underwrite our health insurance policies and IptiQ Life SA will underwrite life insurance policies."
AIG Global Head of Health, Jay Sheehy, said: "Our aim is to bring best in class health insurance to markets across the world. Our investment in Ireland will broaden the footprint of AIG’s Health business which up until now has primarily focused on the U.S. and Asia."
Declan O’Rourke, General Manager, AIG Ireland said: "We are delighted that Dónal and his team have joined AIG’s Global Health team. AIG has a proven track record built up over 40 years in Ireland. AIG already has significant domestic, EMEA and global operations in insurance, asset management and IT based in Ireland. We feel both AIG and laya healthcare’s customers will benefit from each other’s strengths, expertise and complimentary product offerings.”
Goodbody Corporate Finance, JW O’Donovan Solicitors, A&L Goodbody and PwC were among the advisers to the deal.