AIG acquires Laya Healthcare

American International Group, Inc. is set to acquire Laya Healthcare, following an agreement by both parties. The transaction is expected to close in the first half of 2015, subject to regulatory approvals.

Operating in Ireland since 1997, Laya Healthcare has nearly 500,000 customers. It employs 450 people, principally in Cork, and serves more than 23 percent of the Irish private health market. The company also offers life, dental, and travel insurance, as well as health and wellness coverage.

 “Laya Healthcare’s experienced management team and its success focusing on consumers in the healthcare space strengthen our commitment to selectively expanding healthcare solutions,” said Kevin Hogan, AIG’s CEO of Consumer Insurance. “So much of what we are devoted to in Consumer Insurance centers on meeting the needs of our customers in the markets we serve, and that includes our innovative health coverage offerings.”

The Laya Healthcare acquisition will add to the deep technical and product experience in health insurance that AIG has built over many years through successful product offerings such as supplemental health and stop loss/medical excess insurance.