Pan-American Life Insurance Group (PALIG) has
completed the acquisition of MetLife’s assets and businesses in the
Cayman Islands, Costa Rica, Panama, St. Lucia and Trinidad and
Tobago.
PALIG expects to receive regulatory approval
and close on the remaining MetLife businesses and assets in
Caribbean countries over the next few months.
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Upon closing in all jurisdictions, the PALIG
acquisition will represent approximately $675m in assets,
encompassing 15 countries in Central America and the Caribbean. In
total, the acquisition will represent more than $170m in revenues,
as of 2010.
According to PALIG, this purchase accelerates
Pan-American Life Insurance Group’s strategy to become the premier
life and health insurance provider in the Andean, Central American
and Caribbean regions.
Strong growth
It added that Trinidad & Tobago, Panama
and Costa Rica are markets that have shown above average GDP
growth, and offer very stable investment and currency climates.
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By GlobalDataThe islands of the lower Southern Caribbean
are also recognized for having among the highest GDP per capita
rates in all of the Americas, said PALIG.
José S. Suquet, chairman, president and CEO of
PALIG, said: “This transaction aligns with our dedicated
focus on our core competencies of life and health insurance. The
addition of the MetLife – Alico/Algico business fits perfectly with
Pan-American Life’s strategic focus of becoming a leading life and
health insurance carrier with international reach for insureds of
both our corporate and personal lines.”
Suquet added that it ranks PALIG in the top
three among life and / or health insurance carriers in nearly all
markets in which it competes outside of the US.
PALIG said the current transaction expands the
group’s product offerings within the life and health segments by
adding personal accident and health lines, and adds an agency
distribution network of 550 agents and managers in the Caribbean
and Panama.
Previously, PALIG had a presence in Puerto
Rico, the US Virgin Islands and the Cayman Islands.
