Pan-American Life Insurance Group (PALIG) announced the receipt of regulatory approval for acquiring the assets of MetLife (NYSE:MET) along with its businesses in Panama, Costa Rica, Trinidad and Tobago, St. Lucia, and Cayman Islands. PALIG mentioned that the acquisition of MetLife assets and businesses in these areas has been completed. PALIG further stated that it is expecting regulatory approval for acquiring the assets of MetLife in the remaining countries of Caribbean region in the next few months.
When PALIG completes the acquisition of the assets of MetLife in all jurisdictions, the total assets value that PALIG acquires would amount to nearly $675 million. The acquisition would cover 15 countries in the Caribbean and Central America. The revenues that the acquisition of assets represents would be more than $170 million, as of 2010.
President and CEO and Chairman of the Board of Pan-American Life Insurance Group, Jose S. Suquet, commented that the acquisition of assets of MetLife consolidates the strategy of PALIG to become a major health and life insurance providers in the entire Americas. He pointed out that PALIG has been providing trusted financial security for more than a century to its policyholders. The acquisition of MetLife assets builds on the financial strength of PALIG, apart from an expansion of geographic footprint and size of PALIC. The acquisition further reinforces the commitment of PALIG to serve customers in the entire Americas, he added.
The regions of MetLife that PALIG has acquired expand the international revenues of PALIG, making these markets a top priority, even as PALIG concentrates on expanding its global footprint.
Mr. Suquet stated that this transaction is in direct alignment with the dedicated focus of PALIG on core competencies of health and life insurance. The acquisition of MetLife business is part of the strategic focus of PALIG in becoming a major health and life insurance carrier having international reach. Suquet informed that this acquisition makes PALIG rank among the top three health and life insurance carriers in markets outside of the United States.
PALIG has become a partner of MAXIS Global Benefits in Panama, Costa Rica, the Caribbean, Ecuador, and Central America. MAXIS Global Benefits is a global network that MetLife and AXA have created for delivering optimal insurance coverage through own operations and other independent carriers to multinational companies.
PALIG did not disclose the terms of the transaction.
