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Pan‑American Life Insurance Company Announces Closing of its Acquisition and Merger of Encova Life Insurance Company
United States
January 03, 2024
Estimated Reading Time: 1m
NEW ORLEANS, LA – January 3, 2024 – Pan‑American Life Insurance Company (“PALIC”) has completed the acquisition and merger of Encova Life Insurance Company (“Encova Life”). The transaction will add approximately $60 million in revenues, over $500 million in total assets, $35 million in insurance premiums and 79,000 covered lives to PALIC’s U.S. life insurance business, further enhancing PALIC’s U.S. scale, reach and investment portfolio.
“We are very pleased to have closed this strategic transaction that complements and strengthens PALIC’s Mutual Trust Life Solutions (MTLS) division,” said José S. Suquet, Chairman of the Board and Chief Executive Officer of Pan‑American Life Insurance Group (PALIG). “The addition of Encova Life’s business further solidifies PALIC’s market leadership position with increased scale, greater financial strength, a sterling ratings profile, and continued growth in our strategic market segments.”
All Encova Life policies will be assumed by PALIC. There will be no changes to product terms or features for current policyholders.
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP
Pan‑American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, has been delivering trusted financial services since 1911. The New Orleans‑based Group is comprised of more than twenty‑member companies, employs more than 2,100 worldwide and offers top‑rated individual and/or group life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has affiliates and branches 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 website at palig.com, follow us on Facebook @PanAmericanLife, Twitter @PanAmericanLife, Instagram @panamericanlife.latam, and connect with us on LinkedIn at Pan‑American Life Insurance Group.