Pan-American Life Insurance Company is setting up a parent company.
Pan-American, New Orleans, has been operating under a mutual insurance company charter. Now the company will become an operating company under the umbrella of a parent company with a mutual holding company charter, Pan-American Life says.
The mutual holding company structure will make it easier for Pan-American to raise capital and make acquisitions, according to Pan-American President Jose Suquet.
Stockholders approved the conversion plan late in 2006, Pan-American says.
In December 2006, Pan-American announced a “sale lease-back” of its headquarters building. Pan-American is selling the building to an investment firm and leasing its offices back from the investment firm.