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Pan‑American Life Insurance Company Announces Closing of its Acquisition and Merger of Encova Life Insurance Company
United States
January 03, 2024
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NEW ORLEANS, LA – January 3, 2024 – Pan‑American Life Insurance Company (“PALIC”) has completed the acquisition and merger of Encova Life Insurance Company (“Encova Life”). The transaction will add approximately $60 million in revenues, over $500 million in total assets, $35 million in insurance premiums and 79,000 covered lives to PALIC’s U.S. life insurance business, further enhancing PALIC’s U.S. scale, reach and investment portfolio.
“We are very pleased to have closed this strategic transaction that complements and strengthens PALIC’s Mutual Trust Life Solutions (MTLS) division,” said José S. Suquet, Chairman of the Board and Chief Executive Officer of Pan‑American Life Insurance Group (PALIG). “The addition of Encova Life’s business further solidifies PALIC’s market leadership position with increased scale, greater financial strength, a sterling ratings profile, and continued growth in our strategic market segments.”
All Encova Life policies will be assumed by PALIC. There will be no changes to product terms or features for current policyholders.
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP (PALIG)
Pan‑American Life Insurance Group (PALIG) is a leading provider of life, accident, and health insurance, serving more than 7.3 million customers across the United States, Latin America, and the Caribbean. Founded in 1911 and headquartered in New Orleans, Louisiana, PALIG operates through over 30 member companies and 2,200 employees with a presence in 22 countries. Backed by a Financial Strength Rating of A (Strong) from Fitch Ratings and A (Excellent) from AM Best, PALIG offers top‑rated individual and group insurance products, along with employee benefits designed to support lifelong well‑being. Guided by a purpose — to be there when people need us most — PALIG is committed to delivering both financial protection and benefits solutions. Learn more about how they are people you can trust for life at palig.com.
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