People who have taken out private health insurance with Laya Healthcare have been assured it is ‘business as usual', following the sale of 100% of its shares to international insurance company, AIG.

Laya is Ireland's second biggest health insurer, with almost a half a million subscribers.

While agreement on the sale has been signed, the completion of the transaction ‘will take place once the necessary regulatory approvals have been obtained'.

The company will continue to operate from Cork, but will now be part of AIG's global healthcare business.

Commenting on the new news, Laya's managing director, Donal Clancy, described it as a ‘huge milestone' and ‘exceptionally positive news' for Laya members.

"We have worked incredibly hard to build the business to a position of strength by bringing real innovation to the health insurance market coupled with affordable health insurance for our members. That AIG, one of the most respected and experienced insurance groups in the world, is strengthening its commitment to Ireland with this acquisition is testament to the hard work by all of our team at Laya," he said.

Meanwhile, according to AIG global head of health, Jay Sheehy, the company's investment in Ireland ‘will broaden the footprint of AIG's health business which up until now has primarily focused on the US and Asia'.