Pan-American Life Insurance coverage Firm (PALIC) has closed its acquisition of and subsequent merger with Encova Mutual Insurance coverage Group unit Encova Life Insurance coverage Firm (Encova Life).
Monetary phrases of the transaction, introduced in Could 2023, weren’t divulged.
Policyholders of Encova Life can count on continuity as all present insurance policies can be assumed by PALIC.
The corporate additionally assured that there can be no alterations to the product phrases or options for present policyholders.
This acquisition will see PALIC’s US life insurance coverage enterprise develop by $60m in revenues, with an addition of greater than $500m in complete belongings.
Moreover, the merger will contribute $35m in insurance coverage premiums and increase the protection of PALIC to a further 79,000 lives.
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This enlargement is anticipated to boost PALIC’s scale and attain inside the US, in addition to enrich its funding portfolio.
PALIG board chairman and CEO José Suquet mentioned: “We’re more than happy to have closed this strategic transaction that enhances and strengthens PALIC’s Mutual Belief Life Options (MTLS) division.
“The addition of Encova Life’s enterprise additional solidifies PALIC’s market management place with elevated scale, larger monetary energy, a sterling scores profile and continued progress in our strategic market segments.”
Primarily based in New Orleans, PALIG offers life, accident and medical insurance throughout the Americas.
The group has greater than 20 member enterprises, with a employees headcount of greater than 2,100 globally.
It additionally presents extremely rated particular person and group life, accident and medical insurance, worker advantages and monetary companies throughout 49 US states, Puerto Rico, the District of Columbia, the US Virgin Islands, and numerous areas in Latin America and the Caribbean.
The PALIG community extends to a number of international locations together with Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama and 13 Caribbean markets.