Belfast Telegraph

Healthcare firm once owned by Sean Quinn sold

By Ailish O'Hora

A healthcare firm once part of former Fermanagh billionaire Sean Quinn's empire has been sold.

Insurance giant AIG has taken over Ireland's second biggest health insurer Laya Healthcare, which is based in Cork.

Contracts have been signed and the deal will be finalised when certain regulatory approvals are agreed.

Laya, which employs about 480 people, will continue to operate out of Cork and day-to-day dealings with the company for members will remain unchanged, the company said.

"AIG's global scale and reach presents us with the opportunity to expand the Laya Healthcare offering in Ireland and across Europe where AIG has significant plans for growth," said Laya managing director Donal Clancy.

"Swiss Re subsidiary Elips Insurance will continue to underwrite our health insurance policies and IptiQ Life will underwrite life insurance policies," he said. Laya Healthcare has around 500,000 customers and an annual premium income of approximately €500m (£383m).

Belfast Telegraph