NEW ORLEANS, LA — Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced yesterday that its newly created affiliate, Pan-American Life Insurance Company of the Cayman Islands is now open for business and operating as a Class A insurer in the Cayman Islands.
“We are very pleased to be expanding our presence in the Cayman Islands,” said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “As a Class A insurer we are now able to offer customers across the country the benefit of our knowledge and expertise in best in class, health, life, and accident insurance solutions.”
Pan-American Life will be adding new product lines, beginning with their employee benefits solutions, to the individual life and annuity businesses acquired in 2012 as part of the purchase of select MetLife/Alico assets.
“We believe that our experience in the employee benefits market both in the U.S. and Latin America, particularly when it comes to offering top quality multinational solutions, will be attractive in a sophisticated insurance market like the Cayman Islands,” Suquet explained. “Pan-American Life Insurance Company of the Cayman Islands will allow us to continue leveraging synergies across our organization thereby delivering superior service to clients in the Cayman Islands as well as the wider Caribbean.”
About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 1,500 worldwide, providing top-rated life, accident and health insurance, employee benefits and financial services in 47 states, the District of Columbia (DC), Puerto Rico, and the U.S. Virgin Islands. The Group’s member companies offer individual and/or group life, accident and health insurance throughout Latin America and the Caribbean. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan-American Life Web site at palig.com, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.