New health insurer Irish Life Health has officially launched in the Irish market.

The company was formed following the acquisition of Aviva Health earlier this year by Irish Life and Irish Life's full acquisition of GloHealth.

Although the new entity means there will now be less choice for customers – with the number of health insurers falling from four to three – Irish Life said the new company “will give customers an innovative and compelling alternative to the existing health insurance offerings”.

Irish Life Health has 21% market share and 425,000 customers here.

As part of the formation of the new company, all 160 employees of Aviva Health and GloHealth have now moved to the Irish Life campus on Abbey Street in Dublin, where the Irish Life Health offices are located.

Irish Life was acquired by the Canadian-headquartered financial services firm Great-West Lifeco in 2013 for €1.3 billion.

The insurer said customers will be communicated with this week to introduce the new company and that they do not need to do anything.

Aviva Health customers will see their policies rebranded as Irish Life Health, while later this year GloHealth customers will be invited to join Irish Life Health as their policies come up for renewal.