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August 01, 2012 at 09:50 AM
Pan-American Life Insurance Group (PALIG), New Orleans, La., announced today that it has received regulatory approval and has therefore concluded its acquisition of assets and businesses from MetLife (MET) in the Cayman Islands, Costa Rica, Panama, St. Lucia as well as Trinidad and Tobago.
At this point in time, PALIG hopes to attain regulatory approval and close on the remaining Caribbean countries within the next few months. Once the remaining countries are closed, the acquisition from MET will represent $675 million in assets from 15 countries in Central America and the Caribbean. In 2010 figures, the acquisition will represent $170 million in revenues.
