Pan-American Life Insurance Group
(PAL), a US insurer focused on the Hispanic market, has increased
its reach with the receipt of a licence to operate in Costa Rica
from the Central American country’s insurance regulator, the
Superintendencia General de Seguros.
PAL president and CEO José Suquet said the
approval marks an important development in the insurer’s expansion
strategy in the region.
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According to PAL, the company will offer
individual health insurance as well as group life, accident and
health insurance products in Costa Rica.
Among the offering is a new medical insurance
product that will offer local benefits and access to global service
providers, including those in the US. According to Swiss Re, Costa
Rica recorded total life insurance premium income of $585m in
2009.
New Orleans-based PAL offers life and health
insurance and work site benefits in 47 states, the District of
Columbia and Puerto Rico from where it also serves customers in
Guatemala, Honduras and El Salvador. The Group also has branches
and affiliates in Colombia, Ecuador, Panama, Puerto Rico and the
Cayman Islands.
In 2009, PAL reported revenue of $423m, pre-tax
operating earnings of $26.6m. New business sales rose 7% to $190m,
of which Latin America contributed $69m.
