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
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
“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
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.
Additional information about AIG can be found at www.aig.com
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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.
American International Group, Inc.