- Posted by irishhealthinsurance
- On January 21, 2015
- Laya healthcare management team to lead further growth in Ireland
- Deal expands AIG Health global footprint and accelerates plans for EMEA growth
- Good news for almost half a million members of laya healthcare and health insurance market in Ireland
JANUARY 21, 2015: Today, Laya Healthcare, Ireland’s second largest health insurance provider confirmed the sale of 100% of its shares to international insurance organisation, AIG. While the agreement was signed today, the completion of the transaction will take place once the necessary regulatory approvals have been obtained.
This announcement is significant news and will benefit laya healthcare’s nearly half a million members. Members can be reassured that it is business as usual when it comes to their day-to-day dealings with the company.
The significant expertise within laya healthcare and the company’s ability to outperform in an extremely challenging market were key attractions for AIG in the deal. Laya healthcare will continue to operate in Cork and will be part of AIG’s Global Healthcare business. Laya healthcare will be able to offer its members access to AIG’s large suite of complimentary products as the company expands its customer base across Ireland. AIG plans to use the deal to accelerate growth in its health insurance business in other markets outside Ireland.
Commenting on today’s announcement, 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.” Dónal Clancy continued, “We have worked incredibly hard to build the business to a position of strength by bringing real innovation to the health insurance market coupled with affordable health insurance for our members. That AIG, one of the most respected and experienced insurance groups in the world, is strengthening its commitment to Ireland with this acquisition is testament to the hard work by all of our team at laya healthcare. 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 commented, “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. The strength of the laya healthcare management team and how they have grown their market share despite record declines in the health insurance market highlights the potential for further growth.”
Commenting on the deal, 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.” Paul O’ Brien, CEO of Aventas Group, having now exited as a laya healthcare shareholder said, “We are delighted with today’s announcement and I wish both laya healthcare and AIG every success for the future.”
Advisers to the deal included Goodbody Corporate Finance, JW O’Donovan Solicitors, A&L Goodbody and PwC.