In total, the businesses that PALIG are attempting to acquire represent over $125 million in premiums and $675 million in assets, according to 2010 figures.
Pan-American Life Insurance Group (PALIG), a leading provider of life and health insurance in Latin America and the United States, today announced a definitive agreement to acquire certain businesses and assets of MetLife (NYSE: MET). In addition to acquiring all American Life Insurance Company (ALICO) operations in Panama and Costa Rica, PALIG plans to acquire MetLife’s American Life and General Insurance Company (ALGICID) in Trinidad and Tobago, as well as subsidiaries of ALICO in Barbados, the Cayman Islands and most of the Windward and Leeward Islands. Upon completion, this transaction would increase the size of the Pan-American Life Insurance Group and extend its geographic reach. Details of the transaction have not been disclosed.
In addition, in connection with the MetLife deal, PALIG is expected to go into partnership with MAXIS Global Benefits in these markets, and also in the rest of Central America and Ecuador. MAXIS Global Benefits Network is a global pooling arrangement to offer an optimal level of local coverage to multinational companies through their own operations and independent insurers.
Both MetLife and PALIG have received appropriate internal approvals and the deal is expected to be finalized during the first half of 2012. It is subject to certain regulatory approvals and other routine conditions before it can be finalised.
Source: PR Newswire
More on this topic
February 2009
The National Institute of Insurance of Costa Rica was not successful in formalizing an alliance with the businesses Alico and Pan-American Life to initiate a line of personal insurance.
Mercedes Agüero, in her article in Nacion.com, writes: "As a coalition of these companies, INS attempted to start a line of personal insurance, especially for life and medical expenses—an untapped niche market due to the 84-year state monopoly."
July 2010
The insurer will launch a strong campaign to enter the market, looking to create demand for its services.
Eugenio Magdalena, executive vice president of International Markets at Pan-American, remarked that the company will provide individual insurance, focusing on life, health and accident policies.
August 2009
The multinational company American Life Insurance is the third foreign insurer interested in operating in Costa Rica.
Alico, a subsidiary of American International Group (AIG), began the process for obtaining authorization to operate in the local insurance market.
Elfinancierocr.com reports: "Mauricio Ruiz, Alico's manager in Panama, said he was not authorized to comment on any paperwork being done by the group.
June 2010
Pan American Life Insurance was finally authorized by the Insurance Superintendence to operate in the country.
The company will sell individual life and health insurance, as well as group life, accident and health insurance. One of its core products is a policy for large medical costs, which will allow individuals to get expensive health care both in Costa Rica and abroad.
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