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American International Group Inc. on Wednesday said it is acquiring Cork, Ireland-based health insurer Laya Healthcare Ltd.
Laya is Ireland’s second-largest health insurance provider and has been operating in Ireland since 1997, AIG said in its statement.
The purchase price was reported locally by the Irish Independent in Ireland as being £80 million ($121.2 million), unconfirmed by AIG, which declined to disclose terms of the deal. The transaction is expected to close in the first half of 2015, subject to regulatory approvals, according to AIG.
Laya Healthcare has nearly 500,000 customers and employs 450 people, mostly in Cork, serving more than 23% of the Irish private health market, and will become part of AIG’s health business, AIG said in its statement.
“Laya Healthcare’s experienced management team and its success focusing on consumers in the health care space strengthen our commitment to selectively expanding health care solutions,” Kevin Hogan, AIG’s CEO of consumer insurance, said in the statement.
“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 health care market,” Jay Sheehy, global head of AIG’s health business, said in the statement.
American International Group Inc. reported third-quarter net income of $2.20 billion on Monday, a 3.3% increase from that of the same period a year earlier.