American International Group (AIG) has agreed to buy Irish health insurance provider, Laya Healthcare, for an undisclosed sum.

AIG

Terms of the deal were not disclosed.

Established in 1997, Laya provides services to about 500,000 customers in Ireland. With around 450 employees, it serves about 23% of the Irish private health market.

The firm also provides life, dental, and travel insurance services, in addition to health and wellness coverage.

AIG consumer insurance CEO Kevin Hogan said: "Laya Healthcare’s experienced management team and its success focusing on consumers in the healthcare space strengthen our commitment to selectively expanding healthcare solutions.

"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."

AIG will merge the acquired business in its health segment, which provides solutions to its customers and partners.

The acquisition will expand the AIG’s services in the health insurance segment, which currently provides products such as supplemental health and stop loss/medical excess insurance.

Subject to regulatory approvals, the transaction is expected to be completed in the first half of 2015.

Since the last 40 years, AIG has been carrying out business operations in Ireland, providing auto, home, personal accident, and travel insurance, as well as commercial insurance products in the country.


Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.