About Laya Healthcare
Laya Healthcare is the 2nd largest Health Insurer in the State with a market share of 24% and is a direct descendant of BUPA in Ireland.
BUPA Ireland entered the private medical insurance market in Ireland in 1996 ending the Vhi Healthcare monopoly which had existed for almost 40 years following the opening of the health insurance market to competition in 1994. In December 2006, BUPA Ireland announced that it would be leaving the Irish market as the High Court had left the Risk Equalisation scheme unchallenged. BUPA Ireland argued it could not afford to make a cash transfer to Vhi Healthcare as required under the Risk Equalisation Scheme. In February 2007 the QUINN group acquired BUPA Ireland and renamed it QUINN-healthcare. In late 2009, the future of the entity came into question, as its holder, the QUINN group, fell into administration, and was looking to sell off its insurance assets in the UK and Ireland. A plan was considered by the Irish Government to buy QUINN-healthcare and merge it with Vhi Healthcare, but was not acted on.
Management buy-out and re-branding
On 23 December 2011 Dónal Clancy, Managing Director of QUINN-healthcare announced that a senior management bid enabled by Swiss Re as the re-insurer was successfully concluded with the administrators. The company was re-branded in May 2012 as Laya Healthcare. Laya means “Looking After You Always”. On the first of April 2015 AIG acquired Laya Healthcare as a means of ensuring financial stability and to add weight to the brand