Pan-American Life Insurance Group (PALIG), a provider of life and health insurance in Latin America and the United States, has entered a definitive agreement to acquire select businesses and assets from MetLife. PALIG says it plans to acquire MetLife's American Life and General Insurance Co. unit in Trinidad & Tobago, its American Life Insurance Co. (ALICO) branches in Barbados, Cayman Islands as well as the majority of the Leeward and Windward Islands, and lastly, the carrier's ALICO operations in Panama and Costa Rica. Terms of the transaction were not disclosed.
PALIG says that, through this transaction, the company adds to its existing businesses in Panama and Costa Rica, and expands its presence in the Caribbean. In total, the businesses being acquired by PALIG represent more than $125 million in 2010 premiums and $675 million in assets.
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