Algico’s new owner closes acquisition

The Pan American Life Insurance Group yesterday announced that it had completed the acquisition of Algico in T&T along with other regional subsidiaries of Algico parent, Alico in the Cayman islands, Costa Rica, Panama, St Lucia. Alico, the parent company of Algico, was sold to the giant US insurer, MetLife, in November 2010 for US$16 billion. MetLife kept certain of Alico’s subsidiaries but decided to dispose of the subsidiaries in Central America and the Caribbean to Pan American Life Insurance. 

 

 

Once the closure of the deals in a total of 15 countries in Central America and the Caribbean occurs, it means that Pan American Life would acquire assets with a total value of US$675 million. The company said that the acquisition enhanced its financial strength, expanding its size and geographic footprint. Algico customers will benefit from being insured by a company that has a high-quality asset base, a strong balance sheet and strong ratings from AM Best and Fitch. Another benefit which the insurer would have as a result of the acquisition is that they would be a “MAXIS Global Benefits partner in the Caribbean, Panama and Costa Rica, Central America and Ecuador.”

 

 

The MAXIS Global benefits network is a worldwide network created by MetLife and AXA to deliver “optimal local insurance coverage to multinational companies through their own operations as well as independent carriers.” Chairman of the board, President and chief executive officer, Jose Suquet commenting on the acquisition said: “The acquistion enhances PALIG’s financial strength and expands our size and geographic footprint, and makes available our high quality of service to customers in the Caribbean,” he said.