Hibernian Health

Hibernian Health

Infobox_Company
company_name = Hibernian Health
company_
company_type = Corporation
company_slogan =
foundation = October 2004 as Vivas Insurance Limited
location = Dublin, Ireland
key_people =
num_employees = 110 (2008)
industry = Insurance
products = Health insurance
revenue = €100 million EUR (2006)
homepage = [http://www.vivashealth.ie www.vivashealth.ie]

Hibernian Health, trading as "Hibernian Health Insurance Limited" is a health insurance company operating in the Republic of Ireland. It was launched October 2004 under the name "Vivas Insurance Limited" (which traded as Vivas Health - sometimes capitalised as "VIVAS Health"), and was rebranded in 2008 after the Hibernian Group acquired a majority shareholding.

From its foundation in 2004, it quickly established itself in the marketplace, and by 2007 had doubled in sizeFact|date=July 2008 every six months, with a turnover run rate of €100 million per annum. It is the largest insurer of previously uninsured people in Ireland.

The company has 110 employees, direct and outsourced, located in Dublin and Cork. Vivas Health has attempted to influence regulatory reform in the private health insurance market, in particular in its drive to alter the current risk equalization scheme.

Products and services

Vivas Health offerings are geared towards people in their late 20s to early 30s and families with children. Another key segment is elderly couples whose children are all leaving the home. The company provides the widest choice of hospitals and treatment centres in the Irish insurance market, education and information, web-based administration and support, and places a strong emphasis on primary care, preventative medicine and screening.

Customer base

The Vivas Health customer base includes almost 1,200 corporate customers across all industries in Ireland. With over 120,000 individual customers, the company is already the largest insurer of previously uninsured, as well as the largest destination for customers looking to switch their health insurance provider. The company is also one of the largest insurers of teachers, nurses and non-nationals. Principal corporate customer sectors include financial services, pharmaceutical, public sector, information technology, hospitality, manufacturing, construction and healthcare.

Innovations

Vivas Health were the first Irish health insurer to sell on the web and through a network of intermediaries.

Ownership

Following widespread speculation for some months and leaks to the press, on Sunday April 6th, 2008 Hibernian Group, the Irish subsidiary of British insurance group Aviva, announced that it had purchased at 70 percent interest in Vivas Insurance (which owns the trading name VIVAS Health), the remaining 30 percent being held by Allied Irish Banks, the last remaining original shareholder. The sale valued the company at approximately €35 million and saw financier Dermot Desmond as well as CEO Oliver Tattan, senior management and an estimated 35 staff sell their shares, with Mr. Tattan alone estimated to have received over €10 million in the sale. As of April 7th, 2008 the deal remained subject to regulatory approval, but if successful would see the entrance of Ireland's largest general insurer, Hibernian, into the Irish health insurance market for the first time as more than a minor player.

ee also

*Health care in the Republic of Ireland

External links

* [http://www.vivashealth.ie Official site]
* [http://home.eircom.net/content/irelandcom/biznews/10556713?view=Eircomnet Interview with Oliver Tattan]
* [http://www.thepost.ie/breakingnews/business/mhojgbeysncw/ Hibernian Buyout Breaks]
* [http://www.independent.ie/business/irish/hibernian-buyout-of-vivas-sparks-hope-on-premiums-1340363.html Information on Buyout]


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