The management team behind the former Quinn Healthcare, once owned by Fermanagh man Sean Quinn, is to create 100 jobs in the Republic after rebranding as Laya Healthcare.
The workforce will grow to more than 440 staff over the next three years under the investment at its base in Little Island, Cork.
Laya's managing director, Donal Clancy, said: "All of us involved in the sector recognise that there are significant issues and problems which need to be resolved."
"For our part, we at Laya Healthcare will do everything possible to ensure that our members have a strong voice from within the industry to champion their cause and to add positively to the national healthcare debate."
The private health insurer has more than 450,000 members and is the second biggest player in the Irish market. The new brand name, Laya, is derived from Looking After You Always.
Quinn Healthcare was formed when former billionaire Sean Quinn bought the business from Bupa in 2007, and it later changed hands in a management buyout as the bankrupt businessman lost control of his empire.