Axa Ireland has named its Laya Healthcare unit’s deputy managing director, DO O’Connor, as successor to the health insurer’s long-time head, Dónal Clancy.
It follows Axa Ireland’s €650m acquisition of Laya last November.
The appointment, which remains subject to regulatory approval, is on track to take effect from January 1st, Axa said in a statement on Thursday.
Dermot Oliver O’Connor - known as DO - has been with the health insurer since 1996, when the business was set up by the UK’s Bupa to end the VHI’s monopoly of health coverage in the Irish market. Mr Clancy has led the company since 2012.
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“When AXA Ireland acquired Laya last year, I knew it was a momentous turning point for the team and business,” said Mr Clancy. “It’s been an enormous privilege to lead such a wonderful team and business at Laya healthcare and I’m delighted to be handing over the reins to DO.”
The health insurer has been through a number of ownership changes during this time. It was bought in 2007 by Quinn Insurance and restructured as Laya after administrators were appointed to Quinn Insurance in 2010.
Laya was the subject of a management buyout in December 2011 with the support of an underwriter owned by Swiss Re, before AIG acquired the business in 2015 in a deal worth about €80 million.
AIG’s Corebridge unit sold the company last year to Axa Ireland. Axa Ireland, led by chief executive Marguerite Brosnan, plans to start underwriting health insurance for the Laya from next year. This will add about €940 million of premiums on an annual basis, almost doubling the company’s total premiums to about €2 billion.
A unit of Swiss Re, called Elips Insurance, has underwritten Laya policies for years, meaning the business has essentially been a tied agent.
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