AXA has completed the acquisition Laya Healthcare for a consideration of €650 million, contingent to the deal’s unveiling earlier in May.
The French insurer acquired Laya from AIG, with the latter confirming details of the deal back in August. Laya Healthcare is one of the largest private healthcare insurers in Ireland with close to 700,000 policyholders and a 28% market share.
Laya also generates €800 million in premiums per annum and operates as a managing general agent (MGA) with a highly digitalised platform and robust distribution network. It is underwritten by Elips Insurance, a Swiss Re subsidiary. The firm was integrated into AIG back in 2015.
AIG’s sale of Laya is in line with the company’s recent restructure. A few weeks ago, the group laid out its plans to trim its stake in Corebridge Financial, its life and retirement business, by the end of the year. AIG also revealed that it is selling off its Validus Re business to RenaissanceRe.
Meanwhile, AXA is also reportedly exploring a trimming of its own structure, as sources say that the insurance group is considering selling off XL Re, its reinsurance business.
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