Pan-American buys Alico in Panama and Costa Rica

Pan-American Life Insurance Group said it has agreed to acquire select businesses and assets from insurer MetLife Inc. as part of the company's efforts to boost its presence in the life and health insurance segments in the Andean, Central American and Carribean regions. Terms of the transaction were not disclosed.

New Orleans-based Pan-American said it plans to acquire MetLife's Alico operations in Panama and Costa Rica, as well as in the Caribbean.

In total, the businesses being acquired represent more than $125 million in 2010 premiums and $675 million in assets.


Original source: RTTNews