Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced yesterday that its newly created affiliate, Pan-American Life Insurance Company of the Cayman Islands is now open for business and operating as a Class A insurer in the Cayman Islands.
“We are very pleased to be expanding our presence in the Cayman Islands,” said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “As a Class A insurer we are now able to offer customers across the country the benefit of our knowledge and expertise in best in class, health, life, and accident insurance solutions.”
Pan-American Life will be adding new product lines, beginning with their employee benefits solutions, to the individual life and annuity businesses acquired in 2012 as part of the purchase of select MetLife/Alico assets.
“We believe that our experience in the employee benefits market both in the U.S. and Latin America, particularly when it comes to offering top quality multinational solutions, will be attractive in a sophisticated insurance market like the Cayman Islands,” Suquet explained. “Pan-American Life Insurance Company of the Cayman Islands will allow us to continue leveraging synergies across our organization thereby delivering superior service to clients in the Cayman Islands as well as the wider Caribbean.”