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 Might 2023, weren’t divulged.
Policyholders of Encova Life can count on continuity as all present insurance policies might be assumed by PALIC.
The corporate additionally assured that there might be no alterations to the product phrases or options for current 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 whole belongings.
Moreover, the merger will contribute $35m in insurance coverage premiums and develop the protection of PALIC to an extra 79,000 lives.
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This enlargement is anticipated to boost PALIC’s scale and attain throughout the US, in addition to enrich its funding portfolio.
PALIG board chairman and CEO José Suquet mentioned: “We’re very 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, higher monetary power, a sterling rankings profile and continued progress in our strategic market segments.”
Based mostly in New Orleans, PALIG gives 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 affords extremely rated particular person and group life, accident and medical insurance, worker advantages and monetary providers throughout 49 US states, Puerto Rico, the District of Columbia, the US Virgin Islands, and varied areas in Latin America and the Caribbean.
The PALIG community extends to a number of nations together with Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama and 13 Caribbean markets.
