Hibernian Group, the insurance business of Aviva in Ireland, has agreed to acquire 70% of Irish health insurance business Vivas Group.
Allied Irish Banks (AIB) will continue to hold the remaining 30% equity, further strengthening AIB and Hibernian’s existing relationship.
Following the completion of this deal Hibernian’s operations will span general insurance, life and pensions and health insurance. The health insurance products will be distributed through Hibernian and AIB’s distribution channels, and Vivas Health’s direct and non-direct channels.
The closing of the transaction, which is subject to regulatory approval, is expected to take place in the first half of 2008.
Stuart Purdy, CEO of Hibernian Group, said: This acquisition brings us significant growth potential by combining our distribution reach and brand strength with the innovative and competitive Vivas Health product range.