Press Releases
Pan-American Life Policyholders Approve Mutual Holding Company Structure
NEW ORLEANS 10/13/2006 12:00:00 AM
Pan-American Life Insurance Company announced today that, after an overwhelming approval by its policyholders, the company has received an approval order from the Louisiana Department of Insurance to reorganize under a mutual holding company structure.
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 comes just months after the Board of Directors unanimously approved the plan.
Under a mutual holding company structure, Pan-American Life will have additional means to raise capital and more organizational flexibility, creating opportunities for greater growth through acquisitions and further strengthening the financial stability of the company.
“The mutual holding company structure gives us a number of different capital raising options that a mutual insurance company does not have while maintaining and preserving policyholder control and membership rights.” said Jose Suquet, President and CEO of Pan-American Life. “The reorganization will not cause any change in premiums or a reduction in policy benefits, values or guarantees, and policyholder dividends will be protected.”
Suquet also stressed that a mutual holding company structure positions Pan-American Life for a future of continued growth, financial strength and stability. The mutual holding company name will be Pan-American Life Insurance Group, and the reorganization will take effect on January 1, 2007.
About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com
Back to Press Releases