Pan-American Life Insurance Company, along with its domestic and international subsidiaries, operates under a parent holding company – the Pan-American Life Insurance Group.
The Pan-American Life Insurance Group was part of the company’s reorganization under a mutual holding company structure. The move was overwhelmingly approved by policyholders in fall 2006 and by the Louisiana Department of Insurance.
Under a mutual holding company structure, Pan-American Life has additional means to raise capital and more organizational flexibility, creating opportunities for greater growth through acquisitions and further financial strengthening of the company.
The mutual holding company structure also provides a number of different capital raising options that a mutual insurance company does not have, while maintaining and preserving policyholder control and membership rights.
The reorganization did not cause any change in premiums or a reduction in policy benefits, values or guarantees, and policyholder dividends were protected.
Pan-American Life received 30,890 votes from eligible policyholders, with 95.5% being in favor of adopting the plan of reorganization. This successful vote came just months after the Board of Directors unanimously approved the plan.