18 Oct 2022

Pan-American Life Celebrates 12 Years of Operations In Costa Rica As The Number One Private Company Offering Personal Insurance

• PALIG Costa Rica has maintained excellent profitability, thanks to strong income growth combined with $117 million in assets and $50 million in equity.
• Rated by international rating agency Fitch Ratings as a national scale "AAA" (cri) insurer, Outlook Stable.
• In 2021, it made $52 million in claims payments to its insureds in Costa Rica.

San Jose, October 14, 2022. 2021 was a challenging, record-breaking year for insurance companies worldwide. Internationally, PALIG paid more than $1 billion in policy claims and surrender values, including more than $90 million in claims from deaths and health events related to the Covid-19 pandemic, totaling $134 million in Covid-19-related claims paid out over the past two years.

In spite of the situation facing the insurance market worldwide, PALIG achieved 3% growth and maintained its leadership position in Life, Accident, and Health insurance in the 22 countries where it operates in the Americas.

Pan-American Life Insurance of Costa Rica ranks first among private companies offering personal insurance and first in health insurance nationwide. The Company’s business portfolio includes more than 215,000 insured lives and more than 500 corporate accounts. José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group, is visiting Costa Rica in recognition of this success and to celebrate the twelfth anniversary of the Company’s operations.

“The value proposition of Pan-American Life Insurance of Costa Rica, in addition to offering high-quality products and services, is to offer long-term financial security and strength. We have a robust, solid commitment to Costa Rica and to the growth of the insurance industry. Costa Rican families and companies have placed their trust in Pan-American Life to fulfill their dreams and protect what they love most: their families, their businesses, and their future,” said José S. Suquet, CEO of Pan-American Life Insurance Group.

In 2021, Pan-American Life Insurance of Costa Rica paid out $52 million in life, personal accident, and medical claims in Costa Rica.

National Strength. Pan-American Life Insurance of Costa Rica offers strong, high-quality services, with an extensive network of more than 700 medical providers. It also provides digital solutions and self-service portals to facilitate business management for our strategic partners and insureds.

“The evolution of our business reveals our contribution to the insurance industry, as a company that consistently creates value while maintaining a strong financial position as an industry leader. In this first decade, we have played a leading role in the foundations of the industry in Costa Rica, and we look forward to continuing for decades to come. With our proactive vision, focused on digital solutions that make us an easy company to do business with, we provide valuable experiences to our allies, strategic partners, customers, and insureds,” said Alfredo Ramirez, Country Manager of PALIG Costa Rica.

Pan-American Life creates value for Costa Rica by being the insurer of choice for the multinationals producing and conducting their business in Costa Rica. In addition, the Company creates value by employing more than 120 employees, who are committed to bringing more decades of well-being and peace of mind to the entire country.

New Country Manager. Providing new growth opportunities is part of PALIG’s Talent Development and Succession Planning strategy, which is why, as of January 1, 2023, the Costa Rican, Mario Naranjo, will become the Country Manager for Costa Rica. 

Alfredo Ramirez, the current Country Manager of PALIG Costa Rica who led the process of founding PALIG Costa Rica in 2010, will take on a new position as Regional Vice President. Ramirez will lead the local teams in Costa Rica, Ecuador, El Salvador, Guatemala, and Honduras.

“We have identified major opportunities for Pan-American Life to expand in these key markets. This organizational change is designed to better support and promote business growth in each of these important countries,” said Suquet during his visit to Costa Rica.

Mario Naranjo has been with PALIG since 2009. He led the Operations teams in Panama and Costa Rica during the process of bringing on board the businesses acquired from ALICO. Since 2015, Mario has been part of the regional team. He was promoted to the position of International Vice President of Operations in 2018, where he has made significant achievements in the area of process standardization and implementation of operational best practices.

The transition process will take place in 2022, over the next few months.

“These organizational changes reflect the company’s exceptional human resources and are designed to significantly enhance the profitable growth of our International Markets,” said Suquet.