NEW YORK–(BUSINESS WIRE)–Jan. 21, 2015– American International Group, Inc. (NYSE:AIG) today announced that it has agreed to acquire Laya Healthcare, Ireland’s second largest health insurance provider. 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% of the Irish private health market. The company also offers life, dental, and travel insurance, as well as health and wellness coverage.
Laya Healthcare will become part of AIG’s Health business, which is focused on offering creative solutions to AIG’s customers and partners in a rapidly changing global healthcare environment. Expansion of the Health business is critical to AIG’s Consumer Insurance strategy of meeting the broad insurance needs of consumers in markets around the globe.
“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 Chief Executive Officer 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.
Jay Sheehy, Global Head of AIG’s Health business, said, “The acquisition of Laya Healthcare is an opportunity to work with business leaders who know how to achieve value and growth in a highly regulated healthcare market. Building on Laya Healthcare’s success serving customers in Ireland is an important step in expanding AIG’s Health and Consumer strategies.”
AIG has been a part of Ireland’s business community for 40 years. It provides auto, home, personal accident, and travel insurance to the Irish market, as well as commercial insurance products. AIG also has a significant IT and asset management presence in the country, supporting its European and global operations.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.