Pan-American Life Insurance Group, a provider of life and health insurance in Latin America and the United States, has announced a definitive agreement to acquire select businesses and assets from MetLife. Pan-American plans to acquire MetLife’s American Life and General Insurance Company unit in Trinidad & Tobago, along with American Life Insurance Company branches in Barbados, Cayman Islands and the majority of the Leeward and Windward Islands, and the ALICO operations in Panamá and Costa Rica.
Through this transaction, Pan-American adds to its existing businesses in Panamá and Costa Rica and expands its presence in the Caribbean, the company said. In total, the businesses being acquired represent more than $125 million in 2010 premiums and $675 million in assets.
Pan-American Life Insurance Group estimated that it will
have $625 million in revenues, $2.8 billion in assets and more than 1,300 employees after the deal closes.
In connection with the transaction with MetLife, the parties anticipate that Pan-American will become the MAXIS Global Benefits partner in these markets, and also in Central America and Ecuador. MAXIS Global Benefits Network is a worldwide pooling arrangement created to deliver local insurance coverage to multinational companies through their own operations as well as independent carriers.
Both MetLife and Pan-American said they have received their required internal approvals, and the transaction is expected to close in the first half of 2012. The deal is subject to certain regulatory approvals and other closing conditions.
New Orleans-based Pan-American Life Insurance Co., the group’s flagship, has been delivering financial services since 1911. It employes more than 800 worldwide.