NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance coverage Group (PALIG), a number one supplier of life, accident and medical insurance all through the Americas, at this time introduced that Mutual Belief Life Insurance coverage Firm®, a Pan-American Life Insurance coverage Group Inventory Firm, can be merged into Pan-American Life Insurance coverage Firm (PALIC) as a totally built-in division to be named Mutual Belief Life Options.
The method will entail a re-domestication or change in company domicile of Mutual Belief Life Insurance coverage Firm from Illinois to Louisiana, the place Pan-American Life Insurance coverage Firm is domiciled.
Throughout and after the merger, Mutual Belief will proceed to function from its current workplaces in Oak Brook, Illinois, with no ensuing adjustments to distribution channels or product portfolio. The worldwide headquarters of Pan-American Life will stay in New Orleans, Louisiana and Bruce Parker, President for International Life will proceed to steer PALIG’s Life enterprise. Mutual Belief’s present President and Chief Working Officer, Geri Gaughan, will proceed to steer Mutual Belief Life Options. Luke Cosme, present Senior Vice President Gross sales and Advertising will proceed to steer the gross sales group.
“This transfer additional strengthens our place as a premier life, accident and medical insurance supplier within the Americas,” mentioned José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance coverage Group. “The merging of Mutual Belief into PALIC is a pure and remaining step within the full integration of our life insurance coverage enterprise and portfolio, a course of that started in 2015 when Mutual Belief’s holding firm was merged into Pan-American Life Mutual Holding Firm. Combining the 2 life insurance coverage corporations will create a bigger group with larger monetary power, a sterling rankings profile and enhanced progress alternatives.”
The merger is topic to regulatory approvals and is predicted to be finalized by December 31, 2022. Till then, the 2 corporations will proceed to function independently.
ABOUT PAN-AMERICAN LIFE INSURANCE GROUP
Pan-American Life Insurance coverage Group (PALIG) is a number one supplier of life, accident and medical insurance all through the Americas that has been delivering trusted monetary providers since 1911. The New Orleans-based Group is comprised of greater than twenty-member corporations, employs greater than 2,100 worldwide and affords top-rated particular person and/or group life, accident and medical insurance, worker advantages and monetary providers in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and all through Latin America and the Caribbean. The Group has branches and associates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, together with Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For extra data, go to the Pan-American Life web site at palig.com, like us on Fb @PanAmericanLife, observe us on Twitter @PanAmericanLife, and join with us on LinkedIn at Pan-American Life Insurance coverage Group.