Based in New Orleans, Pan-American Life Insurance Group (PALIG) provides life, accident and health insurance across the Americas. Credit: Rawpixel.com/Shutterstock.com.

Pan-American Life Insurance Company (PALIC) has closed its acquisition of and subsequent merger with Encova Mutual Insurance Group unit Encova Life Insurance Company (Encova Life).

Financial terms of the transaction, announced in May 2023, were not divulged.

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Policyholders of Encova Life can expect continuity as all current policies will be assumed by PALIC.

The company also assured that there will be no alterations to the product terms or features for existing policyholders.

This acquisition will see PALIC’s US life insurance business grow by $60m in revenues, with an addition of more than $500m in total assets.

Furthermore, the merger will contribute $35m in insurance premiums and expand the coverage of PALIC to an additional 79,000 lives.

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This expansion is expected to enhance PALIC’s scale and reach within the US, as well as enrich its investment portfolio.

PALIG board chairman and CEO José Suquet said: “We are very pleased to have closed this strategic transaction that complements and strengthens PALIC’s Mutual Trust Life Solutions (MTLS) division.

“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.”

Based in New Orleans, PALIG provides life, accident and health insurance across the Americas.

The group has more than 20 member enterprises, with a staff headcount of more than 2,100 globally.

It also offers highly rated individual and group life, accident and health insurance, employee benefits and financial services across 49 US states, Puerto Rico, the District of Columbia, the US Virgin Islands, and various regions in Latin America and the Caribbean.

The PALIG network extends to multiple countries including Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama and 13 Caribbean markets.