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Pan-American Life, Seguros de Personas Celebrates 95 Years Insuring Salvadorans’ Lives and Health
El Salvador
September 07, 2023
Estimated Reading Time: 3m
San Salvador, September 7, 2023. During the 95th anniversary of its operations in El Salvador, Pan-American Life, Seguros de Personas, a leading personal insurance company, has consolidated a USD 12 million increase in share capital, used for the company’s transformation into a corporation as it ceases to be a branch office. This comes on the heels of its sustained growth in written premiums of 6 percent over the last five years.
Driven by a financial inclusion strategy focused on the personal lines market, the company now has more than 128,000 insureds and a total of USD 39.5 million in life, health, and accident insurance premiums as of the end of 2022.
Its portfolio of products includes its flexible individual life products, unique in the Salvadoran market, with no age limit for taking out the policy and with level premiums over time. In group insurance, Pan-American Life’s reputation as a leading provider of employee benefits and wellness solutions for local and multinational businesses continues to grow through its operational improvements, product innovation, and high-quality service.
“We are a solid company that has been delivering peace of mind and financial security to Salvadoran families since 1928. This anniversary reaffirms our commitment to continue promoting the economic growth and well-being of families and the country,” said María Teresa de Bolaños, country manager of Pan-American Life, S.A., Seguros de Personas.
The company’s sustained growth in the country has been supported by a network of more than 500 insurance brokers and by offering access to more than 8,000 healthcare providers in the Americas, including physicians, laboratories, pharmacies, and hospitals.
Pan-American Life, S.A., Seguros de Personas is a robust company with strong financial security and payment capacity. Its policy of providing prompt care and support to insureds and providers has allowed it to handle more than 10,000 claims per month in its various areas of service.
The company’s strategic focus is to continue to close the inclusion gap through health, life, and personal accident products, serving a market whose need for insurance continues to grow. “This is in addition to a vision of digital acceleration that began in 2020 and that continues to make progress in achieving greater efficiency and modernization of our international operations,” commented Alfredo Ramirez, Regional Vice President — Country Management. The growth target for the Salvadoran operation is double digits by the end of 2023.
In addition, in the context of the celebration of its 95th anniversary and as part of its corporate social responsibility efforts, Pan-American Life, S.A., Seguros de Personas will donate 100 mammograms to the National League Against Cancer, so that low-income Salvadoran women can have this exam done free of charge in October.
Pan-American Life opened its doors in New Orleans in 1911. The company was founded by Crawford H. Ellis, Edward Simmons, Marion Souchon, and Eugene McGivney with the goal of meeting the insurance needs of individuals and businesses in Latin America.
Ellis, who worked with the United Fruit Company transporting goods between New Orleans and Central America, had seen first-hand the need for insurance services in the region. In collaboration with his colleagues, he envisioned a company for the Americas that could provide best-in-class insurance solutions and trusted financial security.
Today, more than 110 years later, that vision is at the heart of the identity of the Group, which operates in 22 markets in the Americas.
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.