Pan-American Life Insurance Group (PALIG), an insurance and financial services provider, will now operate in Costa Rica through its subsidiary, Pan-American Life Insurance de Costa Rica, S.A. The group won approval from Superintendencia General de Seguros (SUGESE), Costa Rica's insurance regulator, to work with SUGESE on portfolio and product-specific approvals, the company said.
"We are pleased that SUGESE approved Pan-American Life to operate in Costa Rica," said Jose S. Suquet, chairman of the board, president and CEO of Pan-American Life. " This much-anticipated moment marks a continued expansion in the execution of our regional strategic plan. The new competitive landscape in Costa Rica favors Pan-American Life, considering the company's 99-year history and the Group's deep-rooted experience throughout Latin America."
PALIG plans to offer individual health, group life, accident insurance, health insurance products and an insurance product valid for both local in-country benefits and global medical care. The company says it plans to tout its new subsidiary through a series of media, broker and institutional briefings in July.
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