Laya Healthcare has been bought by international insurance organisation AIG for an undisclosed sum.

Laya will continue to operate in Cork and will be part of AIG's global healthcare business.

The firm will be able to offer its members access to AIG's large suite of complementary products as the company expands its customer base across Ireland.

AIG said that it plans to use the deal to accelerate growth in its health insurance business in other markets outside Ireland.

Laya Healthcare has been in operation in Ireland since 1997 and has nearly 500,000 customers on its books. The firm employs 460 staff.

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Dónal Clancy (pictured), managing director of Laya Healthcare, said that the acquisition was exceptionally positive news for the firm's members, team and business.

“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.”

Swiss Re subsidiary Elips Insurance Ltd will continue to underwrite Laya's health insurance policies and IptiQ Life SA will underwrite life insurance policies.

AIG Global head of health, Jay Sheehy, added: “Our aim is to bring best in class health insurance to markets across the world.

“The strength of the Laya Healthcare management team and how they have grown their market share despite record declines in the health insurance market highlights the potential for further growth.”

Advisers to the deal included Goodbody Corporate Finance, JW O'Donovan Solicitors, A&L Goodbody and PwC. (January 2015)