Pan American Life Insurance Company, a New Orleans life insurer hit hard by Katrina, is starting to reestablish normalcy, a company executive says.[@@]
Pan-American Life has set up temporary offices near Dallas and talked to Louisiana insurance regulators and all major rating agencies, says Tom Richert, Pan-American Life’s director of marketing.
More important, Pan-American Life has located 300 of its 450 home-office employees, up from just 150 last week.
Pan-American Life has set up a fund to help employees devastated by the fund. Chief Executive Jose Suquet has pledged to contribute $10,000, and Pan-American Life will be seeking additional contributions from company vendors, business partners and other Pan-American Life managers, Richert says.
Pan-American Life has established new offices in the Baton Rouge, La., and Philadelphia areas as well as in the Dallas area. But Pan-American Life will return to its headquarters in New Orleans, Richert says.
“We are a New Orleans-based company and we will be back there,” Richert says. “It is our home.”
Pan-American Life’s headquarters building did not sustain major damage, Richert says.
Electric power has been restored, and Pan-American Life was able to move its network servers to the new temporary offices, Richert says.
The company is also in the process of establishing a new communications platform, Richert says. The platform will serve employees, managing general agents, brokers, employers and benefit plan members.