Pan-American Life Insurance Group Company has acquired GreenWood International Insurance Services Inc., a managing general underwriter that manages U.S. medical stop-loss, group accident insurance and occupational accident insurance programs.
Pan-American Life, New Orleans, writes life and health insurance in Latin America and in the U.S. Hispanic market.
GreenWood, Boston, generates about $30 million in earned premium revenue per year by underwriting and administering insurance programs for about 480 U.S. groups.
The company focuses on marketing to employers with fewer than 1,000 insured lives.
Pan-American Life says it financed the acquisition with resourceas already on hand.
- Warren S. Hersch