Merger strengthens Pan-American Life Insurance Group’s position as
a premier life, accident and health insurance provider in the Americas
NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance Group today announced that Pan-American Life
Mutual Holding Company (Pan-American Life) and Mutual Trust Holding
Company (Mutual Trust) have completed the merger of the companies into
one mutual holding company. The merger of the two mutual insurance
holding companies positions the combined entity as a premier life,
accident and health insurance provider in the Americas, with presence in
the United States and 22 other jurisdictions throughout Latin America
and the Caribbean.
The combined company, which retains the name of Pan-American Life Mutual
Holding Company, will continue to operate as a mutual insurance holding
company with approximately $1 billion in revenues, $5.5 billion in total
assets, 1.5 million covered lives and 1,650 employees. The combined
company will also have $850 million in total capital, increasing its
“The completion of the merger positions us for accelerated growth and
improves the financial strength of the combined entity,” said José S.
Suquet, Chairman of the Board, President and Chief Executive Officer of
Pan-American Life Insurance Group. “The addition of Mutual Trust’s
business complements Pan-American Life’s existing portfolio, creating a
more balanced geographic footprint throughout the Americas and a more
diversified base of business in the U.S., thanks to Mutual Trust’s
meaningful presence in the U.S. life market and expertise in the mass
Mr. Suquet will lead the combined entity from its global headquarters in
New Orleans, LA. Stephen Batza, the former Chairman, President and CEO
of Mutual Trust, will become President of the Pan-American Life U.S.
Life Business, one of four business units established as a result of the
merger, and will also assume the role of President and CEO of Mutual
Trust Life Insurance Company.
Current members of PALIG’s Executive Management team will assume the
leadership of the three other business units: Bruce Parker will become
President of Pan-American Life International Life Business; Robert
DiCianni will be President of Pan-American Life International Group
Business; and John Foley will be President of Pan-American Life U.S.
The re-launched U.S. life business for the organization will be based
out of Mutual Trust’s current headquarters in Oak Brook, Illinois, and
the MTL Insurance Company will operate under the name Mutual Trust
Life Insurance Company, a Pan-American Life Insurance Group Stock Company
in the United States as a wholly-owned subsidiary of Pan-American Life.
Mutual Trust Life Insurance specializes in participating whole life
insurance, in addition to offering term life insurance and annuities to
individuals, families and businesses.
Mr. Batza and two former members of the board of directors of Mutual
Trust Financial Group, Martha O. Hesse and Daniel P. Mulheran, will also
be joining the board of directors of Pan-American Life Insurance Group,
which will expand to 12 members. Ms. Hesse is former President of Hesse
Gas Company and Mr. Mulheran is former President of Individual Life
Distribution for ING in the U.S.
About Pan-American Life Insurance Group
Pan-American Life Insurance Group is a leading provider of insurance and
financial services throughout the Americas that has been delivering
trusted financial services since 1911. The New Orleans-based Group is
comprised of more than twenty member companies, employs more than 1,650
worldwide and offers top-rated individual and/or group life, accident
and health insurance, employee benefits and financial services in 49
states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin
Islands, and throughout Latin America and the Caribbean. The Group has
branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador,
Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including
Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more
information, visit the Pan-American Life Web site at palig.com,
follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn
Life Insurance Group.