Axa Insurance has announced it has acquired Laya Healthcare for €650 million.
Axa has purchases Ireland's second-largest health insurer, which has 690,000 members. Laya's share of the Irish health insurance market was around 28 per cent.
In a statement Axa, which is the main car insurance provider in the State, said the deal to buy Laya underlines its commitment to Ireland.
The sale is subject to regulatory approval.
Marguerite Brosnan, CEO of Axa in Ireland, said: "I am delighted to welcome the laya team to the Axa family. It is an exceptionally strong business recognised for its customer first approach and I look forward to the opportunities that this transaction will provide us."
Axa operates in both the Republic of Ireland and Northern Ireland, employing over 1,450 staff across 34 branches.
