Irish Life, the largest life insurer in Ireland, has agreed to buy rival Ark Life for €230 million.
The acquisition involves 150,000 policies and the transfer of €2.1 billion of assets held by Ark Life, marking further consolidation in the financial services market according to the Irish Examiner.
Irish Life said that any disruption for customers would be minimal as it already acts as an administrator for Ark Life, while its Irish Life Investment Managers already manage the investment side of the business.
“These existing relationships will help to ensure continuity of support for customers,” Irish Life said.
Ark Life was originally set up by AIB 30 years ago and was recently acquired by Phoenix ReAssure.
“Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit,” Irish Life chief executive Declan Bolger said.