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International insurance giant AIG has confirmed its continued investment in the Irish market via the acquisition of the country’s second largest health insurer, Laya Healthcare.

Health insurance provider, Laya Healthcare, has confirmed the sale of 100% of its shares to international insurance organisation, AIG.

Pre-tax profits at the country’s second largest health insurer, Laya Healthcare, last year increased by 5% to €5.25m.

The joint administrators of Quinn Insurance Limited (QIL) want the High Court to approve the transfer of 5,000 health policies to a subsidiary of one of the world’s biggest insurance providers Swiss Re.

Famous London skyscraper the Gherkin has been placed into receivership in a move aimed at removing uncertainty over its ownership.

The country’s second largest health insurer, Laya Healthcare, last year returned to profit to record pre-tax profits of €4.99m.

The country’s second largest health insurer last year went into the red after a drop in revenues.

US petrol and heating oil futures gained and US treasuries also rose yesterday, as economic worries over Hurricane Sandy fuelled safe-haven buying in thin trading volume as the powerful storm began to batter the US east coast.

Laya Healthcare is targeting expansion abroad as an insurance services company, according to managing director Dónal Clancy.

Introducing a universal system of health insurance without input from private health insurers will be difficult, newly rebranded Laya Healthcare has warned.

Natural disasters such as Japan’s earthquake and floods in Australia and Thailand cost the global economy a record $370bn (€281bn) in 2011, with losses for the insurance industry the second largest ever, Swiss Re said yesterday.

THE future of over 330 jobs at the country’s second-biggest health insurance firm has been secured following a senior management-led buyout.

Health insurer Quinn Healthcare has been sold following a bid by senior management with Swiss Re as underwriter, it was announced today.

Insurance tycoon Clive Cowdery, whose recent acquisitions have included Friends Provident and parts of Axa UK, has failed with an attempt to land the UK’s biggest owner of “zombie” insurance funds.

MAN-MADE and natural disasters generated worldwide economic losses of $222 billion (€170bn) in 2010, more than three times last year’s figure, the world’s biggest reinsurer, Swiss Re, said.

Northern Rock’s chief financial officer Ann Godbehere today announced her decision to step down as the bank approached its year anniversary under public ownership.

A division of Barclays which pays pensions to more than 70,000 policyholders a month is to be sold in a deal worth £753m (€950m), it was announced today.

A division of Barclays which pays pensions to more than 70,000 policyholders a month was today said to be the subject of takeover interest.

Hefty falls in the banking and insurance sectors wiped another 1% off the London market today to close a volatile week for UK blue chips.

London’s FTSE 100 Index fell nearly 1% today as fresh fears surfaced over the banking sector and weak metals prices held back miners.

Beleaguered Northern Rock led the London market into the red today after would-be rescuers came forward with cut-price salvage plans.

Standard Life shares staged a relief rally today on news of its withdrawal from the bidding battle for closed life insurance firm Resolution.

Standard Life’s £4.9bn (€7bn) bid to land insurer Resolution was dealt a major blow today after the firm’s largest shareholder stepped in with a higher offer on a dramatic day in the City.

British insurance group Standard Life confirmed today it is looking at gatecrashing the £8bn (€11.4bn) merger of Resolution and Friends Provident.

Iconic London building the Gherkin was today sold for a record £600m (€908.3m) in a deal thought to be the most ever paid for an office property in Britain.

FRENCH insurance giant AXA is considering a £7 billion (€10.4 billion) bid for British insurer Standard Life, according to weekend reports.

A joint £8bn (€11.9bn) bid has been made for Scottish Widows, the life insurance arm of Lloyds TSB, it was reported today.

The Swiss owner of the iconic Gherkin tower in London today said it would axe up to 2,000 jobs by the end of next year.

Resolution Life is planning the biggest rights issue in the City for four years to finance the £3.5bn (€5.1bn) purchase of Abbey National’s life insurance business, it was reported today.

Insurance group Zurich Financial Services today estimated claims following Hurricane Katrina would cost it in the region of £342m (€506m).

Hurricane Katrina was today estimated to have inflicted losses of up to £2m (€37m) on insurance giant Royal & Sun Alliance.

ACCORDING to officials production of petrol in the US has fallen to a tenth of its usual rate following the devastation caused by Hurricane Katrina, prompting the price of crude oil to soar on the international market as the US government prepares to dip into its strategic reserves (normally only used in times of war) to ease the crisis.

The FTSE 100 Index hit a fresh 30-month high today as it chalked up gains for the seventh consecutive session.

The FTSE 100 Index looked on course to hit another 30-month high today as it chalked up gains for the seventh consecutive session.

British insurers and holiday firms were today counting the cost of the tsunami that brought death and devastation to Asia.

NATURAL and manmade disasters this year claimed more than 21,000 lives worldwide and economic losses of €81 billion, Swiss Reinsurance said today.

Natural and manmade disasters this year claimed more than 21,000 lives worldwide and economic losses of €78.8bn, Swiss Reinsurance said today.

The world’s second-largest reinsurer Swiss Reinsurance, has said its capital is strong enough to maintain its financial strength in the event of a disaster that occurs once in 100 years.

A top insurance executive was stunned after a night at a New York strip club left him with a €23,800 bill.

THE year 2003, marked by a sweltering summer and drought across huge swaths of the planet, was the third hottest in more than 150 years, the UN weather agency said yesterday.

Europe’s stock rally may stall next week over concerns about insurers’ cash holdings, while investors remain on high alert as war in Iraq progresses.

Europe’s stock rally may stall next week over concerns about insurers’ cash holdings, while investors remain on high alert as war in Iraq progresses.

Major natural and man-made catastrophes have cost the globe more than £80bn so far this year, largely because of the attacks on the World Trade Centre and the Pentagon, a major insurer said Thursday.

A British company responsible for 22% of the £2.3bn insurance covering the World Trade Centre has gone to court.

Germany’s stock market regulator is investigating claims of suspicious short-selling ahead of the terrorist attacks in New York and Washington last week but said it was too early to say what shares might be involved.