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.