Great-West Life, through its subsidiary Irish Life, has agreed to purchase Aviva Health Insurance Ireland and GloHealth Financial Services.
The transaction was announced on March 9. Irish Life already controlled 49% of GloHealth, and this agreement will bring its ownership level to 100%.
The insurer intends to combine Aviva Health and GloHealth in order to become one of the leading providers in the Irish health insurance market. Great West indicated that financing for the acquisitions will be provided internally, and that it is not expected to have a material impact on its financial results. The purchase of the two Irish insurers, subject to regulatory approvals, is expected to close in the third quarter of this year. The terms of the deal were not disclosed.
Health insurance solutions
Great-West Lifeco president and chief executive officer Paul Mahon notes that, when combined, the companies will provide a broad selection of health care insurance products to a customer base of more than 400,000 customers. “As Ireland’s leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market leading health insurance solutions,” he commented. “This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there.”