Irish health insurance company bought by Aviva

Mon, 07 Apr 2008

Reports in the health insurance news today indicate that Insurance company Aviva (who own Norwich Union ) has purchased a majority stake in the Irish health insurance company VIVAS.

VIVAS is one of several key private medical insurance companies in Ireland, a country with a complex health insurance market dominated by VHI, a rival company. Health insurance company BUPA left the Irish market last year, claiming laws made the market impossible to compete in.

The insurance arm of Aviva in Ireland, Hibernian Group, will acquire a 70% stake in the business. VIVAS health insurance products will then be sold through Hibernian Group sales channels.

The CEO of Hibernian Group, Stuart Purdy, reportedly commented: "This acquisition brings us significant growth potential by combining our distribution reach and brand strength with the innovative and competitive VIVAS Health product range. It will position us as a provider of the full range of life, non-life and healthcare products, strengthening our role as Ireland's leading multi-line insurance group ."
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