New Orleans-based Pan-American Life Insurance Group has completed the acquisition of USNow, a Plano, Texas-based provider of administration and management of limited medical plans. Since 2006, USNow has been representing Pan-American Life's worksite product line in the United States, and Pan-American Life previously held a 20% ownership stake in the company. USNow had achieved recognition in the insurance industry as the company that pioneered the concept of managed limited medical benefits, providing underinsured/uninsured individuals and corporate employees with access to affordable group health care.
The transaction reinforces the Group's commitment to investing in the growth of the company's Domestic Worksite business, according to John Foley, SVP - Domestic Markets for Pan-American Life Insurance Group. "Making USNow a part of Pan-American Life is of great strategic importance to our business as we expand our distribution in the United States, strengthen our commitment to the U.S. Hispanic market, and continue to identify new sources of revenue growth," he says. USNow operations will remain based in Texas under the leadership of Foley.
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