All subsidiaries will operate under Pan-American Life Insurance Group
NEW ORLEANS - (December 29, 2006) - Effective January 1, 2007, Pan-American Life Insurance Company, along with its domestic and international subsidiaries, will operate under a new parent holding company – the Pan-American Life Insurance Group.
The new name is part of the company’s reorganization under a mutual holding company structure. The move was overwhelmingly approved by policyholders this fall and by the Louisiana Department of Insurance this month.
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 financial strengthening of the company.
“The new holding company is just part of the process,” said Jose Suquet, President and CEO of Pan-American Life. “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.”
The reorganization will not cause any change in premiums or a reduction in policy benefits, values or guarantees, and policyholder dividends will be protected.”
Earlier this year, 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.
Suquet also stressed that a mutual holding company structure positions Pan-American Life for a future of continued growth, financial strength and stability.