Quinn Healthcare, the country’s second largest private health insurer, with 450,000 members, has changed its name to Laya.

The new name is derived from the company’s promise to its members, “looking after you always”. The rebranding follows a management buy-out of the company last December.

The buy-out of the health insurer by senior management was backed by international re-insurance giant Swiss Re, and followed a period in administration due to the takeover of the company by Anglo Irish Bank from the Quinn Group.

The company also announced yesterday that a wholly owned subsidiary of Swiss Re – Elips – is Laya’s new underwriter.