Global insurance company AIG has completed its acquisition of Laya Healthcare.

Laya has almost 500,000 members, making it the second largest healthcare company in the country.

AIG’s acquisition, which was announced in January, will see it gain a 24% share in the private health insurance market here.

The company said the Laya brand would continue to be used for the immediate future and the company would now undertake a ambitious growth plan to increase its membership.

AIG has been operating in Ireland for 40 years but has made a significant push in the consumer market in recent years, particularly around car insurance.

Laya was established in 2012 from the remnants of Quinn Healthcare, which itself had been developed following the acquisition of Bupa Ireland’s insurance book.