Pan-American Life Insurance Group (PALIG), New Orleans, La., announced today that it has received regulatory approval and has therefore concluded its acquisition of assets and businesses from MetLife (MET) in the Cayman Islands, Costa Rica, Panama, St. Lucia as well as Trinidad and Tobago.
At this point in time, PALIG hopes to attain regulatory approval and close on the remaining Caribbean countries within the next few months. Once the remaining countries are closed, the acquisition from MET will represent $675 million in assets from 15 countries in Central America and the Caribbean. In 2010 figures, the acquisition will represent $170 million in revenues.
As PALIG seeks to expand its presence globally, the acquisition places them on a springboard and solidifies their presence in the region all while expanding their international revenues.
“This transaction aligns with our dedicated focus on our core competencies of life and health insurance. The addition of the MetLife-Alico/Aligo 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 corporate and personal lines. Additionally, it ranks PALIG in the top three among life and/or health insurance carriers in nearly all markets in which it competes outside the United States,” said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group.