NEW ORLEANS--(BUSINESS WIRE)--Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, today announced that Mutual Trust Life Insurance Company®, a Pan-American Life Insurance Group Stock Company, will be merged into Pan-American Life Insurance Company (PALIC) as a fully integrated division to be named Mutual Trust Life Solutions.
The process will entail a re-domestication or change in corporate domicile of Mutual Trust Life Insurance Company from Illinois to Louisiana, where Pan-American Life Insurance Company is domiciled.
During and after the merger, Mutual Trust will continue to operate from its existing offices in Oak Brook, Illinois, with no resulting changes to distribution channels or product portfolio. The global headquarters of Pan-American Life will remain in New Orleans, Louisiana and Bruce Parker, President for Global Life will continue to lead PALIG’s Life business. Mutual Trust’s current President and Chief Operating Officer, Geri Gaughan, will continue to lead Mutual Trust Life Solutions. Luke Cosme, current Senior Vice President Sales and Marketing will continue to lead the sales organization.
“This move further strengthens our position as a premier life, accident and health insurance provider in the Americas,” said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. “The merging of Mutual Trust into PALIC is a natural and final step in the full integration of our life insurance business and portfolio, a process that began in 2015 when Mutual Trust’s holding company was merged into Pan-American Life Mutual Holding Company. Combining the two life insurance companies will create a larger organization with greater financial strength, a sterling ratings profile and enhanced growth opportunities.”
The merger is subject to regulatory approvals and is expected to be finalized by December 31, 2022. Until then, the two companies will continue to operate independently.
ABOUT PAN-AMERICAN LIFE INSURANCE GROUP
Pan-American Life Insurance Group (PALIG) is a leading provider of life, accident and health insurance 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 2,100 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 website at palig.com, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.
