Insurance group Hibernian is to enter the health insurance market after agreeing to buy a majority of Vivas. Vivas is the third largest company in the Irish health insurance market.

The move is still subject to the approval of the Competition Authority and the Financial Regulator. Hibernian says Vivas members remain fully covered and there will be no change to any member's policies or benefits.

Hibernian is buying 70% of Vivas from Dermot Desmond's IIU and Vivas management and staff. AIB will continue to hold a 30% stake.

Vivas was set up in 2004. Hibernian has sold Vivas products through its branch network since 2006. Hibernian is owned by British insurance group Aviva.