The Irish Times Business Person of the Month: Marguerite Brosnan, chief executive of Axa Insurance in Ireland

Marguerite Brosnan, the chief executive of Axa Insurance in Ireland, has been chosen as The Irish Times Business Person of the Month for August, an award run in association with Bank of Ireland.

During the month, the French insurance giant agreed to buy Laya Healthcare, the Republic’s second-largest health insurer, from a unit of US rival AIG, in a deal worth €650 million. It will mark Axa’s entry into the Irish private health insurance market, where its main rivals will be State-owned VHI and Irish Life Health.

Laya has a 28 per cent share of the health insurance market here, serving 690,000 members and generating about €800 million in premiums annually. The company is a tied agent that sells health and life products underwritten by units of Swiss Re.

Axa is a market leader here in the provision of motor vehicle insurance, holding more than 30 per cent of that market. It is also an active player in the home, commercial, and farm lines of business. The organisation operates across Ireland , employing more than 1,450 staff and has 34 branches.

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[ Laya Healthcare to increase cost of insurance policies by 3% on average ]

Ms Brosnan joined Axa’s management committee in 2020, becoming its CEO in January 2023. She previously held a number of senior positions within the Bank of Ireland group and has studied at UCD and Insead.