Pan-American Life Insurance Group Announces Merger of Mutual Trust Life Insurance Company into Pan-American Life Insurance Company
Summary
During and after the merger, Mutual Trust will continue to operate from its existing offices in Oak Brook, Illinois, with no resulting changes to distribution channels or product portfolio. “This move further strengthens our position as a premier life, accident and health insurance provider in the Americas,” said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. Combining the two life insurance companies will create a larger organization with greater financial strength, a sterling ratings profile and enhanced growth opportunities.” The merger is subject to regulatory approvals and is expected to be finalized by December 31, 2022. 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 branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago.