ALICO taken over by Pan-American Life Insurance Group: PALIG earns Assets from MetLife in the Caribbean, Panama and Costa Rica
Pan-American Life Insurance Group (PALIG), a leading provider of life and health insurance in Latin America and the United States, today announced a definitive agreement to acquire select businesses and assets from MetLife. PALIG plans to acquire MetLife’s American Life and General Insurance Company (ALGICO) unit in Trinidad & Tobago, along with American Life Insurance Company (ALICO) branches in Barbados, Cayman Islands and the majority of the Leeward and Windward Islands, and the ALICO operations in Panama and Costa Rica. Upon closing, this transaction expands Pan-American Life Insurance Group’s size and extends its geographic footprint. Terms of the transaction were not disclosed.
Through this transaction, PALIG adds to its strong existing businesses in Panama and Costa Rica and expands its presence in the Caribbean. In total, the businesses being acquired by PALIG represent more than $125 million in 2010 premiums and $675 million in assets.
“Post close, Pan-American Life Insurance Group will have more than $625 million in revenues, $2.8 billion in assets and more than 1300 employees,” said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “The acquisition of the MetLife businesses and the establishment of our new operation in Mexico expand our geographic footprint, give us greater diversification and economies of scale, and reinforce the commitment our founders made 100 years ago to providing trusted financial security to customers in Latin America and the Caribbean.”
In addition, in connection with the transaction with MetLife, the parties anticipate that PALIG will become the MAXIS Global Benefits partner in these markets, and also in Central America and Ecuador. MAXIS Global Benefits Network is a worldwide pooling arrangement created to deliver optimal local insurance coverage to multinational companies through their own operations as well as independent carriers.
“This transaction expands Pan-American Life’s product offerings within the Life and Health segments by adding Personal Accident and Health lines, making Pan-American Life the number one, two or three life and health carrier in nearly all markets in which we compete outside of the United States,” added Mr. Suquet.