Pan-American Life Insurance Group (PALIG, New Orleans), has received regulatory approval to complete its acquisition of assets and businesses of MetLife (New York) in the Cayman Islands, Costa Rica, Panama, St. Lucia and Trinidad and Tobago. PALIG expects to receive regulatory approval and close on the remaining Caribbean countries over the next few months.
Upon closing in all jurisdictions, the total PALIG acquisition represents approximately $675 million in assets in 15 countries in Central America and the Caribbean. These yielded $170 million in revenues as of 2010.
"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," said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group, in a statement. "The completed acquisition builds on Pan-American Life Insurance Group's financial strength and expands our size and geographic footprint, while reinforcing our commitment to serving customers throughout the Americas."