American International Group is expanding its health insurance offerings with a new acquisition in Ireland.
AIG said it will buy Layla Healthcare, Ireland’s second largest health insurer, and that the deal will close in the first half of 2015, pending regulatory approvals. Neither side is disclosing financial terms.
AIG plans to absorb the company into its Health Business arm. Layla Healthcare has been in operation since 1997, has close to 500,000 customers and employs 450 people.
Layla isn’t just focused on health, however, despite its 23 percent share of the Irish private health market. According to the deal announcement, the company also offers life, dental and travel insurance along with its health and wellness coverage.
AIG also offers auto, home, personal accident, travel insurance and various commercial insurance products in Ireland.