Pan-American Life Insurance Group Announces Acquisition of GreenWood International, LLC

USA - English

• Latin America - español

NEW ORLEANS, May 10, 2011 /PRNewswire/ -- Pan-American Life Insurance Group, a leading provider of life and health insurance in Latin America and the U.S. Hispanic market, announced today the acquisition of Massachusetts-based GreenWood International Insurance Services, Inc. (GWI), a managing general underwriter. The acquisition strengthens Pan-American Life's medical health product offering and positions the company for expansion in the U.S.  Pan-American Life Insurance Group financed the acquisition with available resources and expects the business to be accretive to Pan-American's financial results in 2011 and beyond.

GreenWood International, an 11 year old company, underwrites and administers various insurance products including Medical Stop Loss, Personal Accident (Business Travel Accident and Voluntary AD&D), Occupational Accident, and Primary Employer's Indemnity Insurance Policies.  GWI's presence, servicing principally employers less than 1,000 lives, serves as a platform for Pan-American Life to expand throughout the United States.

"GreenWood International is known for their underwriting expertise, innovation, flexibility and superior customer service.  This transaction is a natural fit with our current business model,  supporting our continued investment in the domestic market segment," said Jose S. Suquet, Chairman of the Board, President and CEO, Pan-American Life Insurance Group. "This acquisition will offer many cross-selling opportunities for both companies and expands our distribution channels."

"We firmly believe the integration of GreenWood International's creative risk solutions and long-standing relationships, with Pan-American Life's unparalleled offerings throughout the Americas enhances the combined product offering and joint vision of continued success in a constantly changing insurance industry," said Daniel Boisvert, CEO of GWI.

"In addition, GWI's experienced management team and top-flight operations will add depth and expertise to our already strong and talented team.  We believe that there are a number of positive synergies to be gained from the acquisition  and look forward to welcoming their customers and employees to the Pan-American Life family," said Mr. John Foley, Senior Vice President, Domestic Markets.

GreenWood International has grown to over $30 million of earned premium and serves over 480 groups throughout the United States. GWI will remain in their current offices located in Boston, Austin and Kansas City. Daniel Boisvert, CEO of GreenWood International will remain in his position, as will Chief Operating Officer Joseph Sullivan, both reporting to Pan-American Life's John Foley, Senior Vice President, Domestic Markets. Risk Solution Resources, the special markets program manager for Pan-American Life over the past 6 years, will continue the day to day management of GreenWood International.

About Pan-American Life Insurance Group

The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 800 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group's member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com.

About GreenWood International Insurance Services, Inc.

GreenWood International Insurance Services, Inc. is a Managing General Underwriter specializing in medical stop loss, group accident insurance, and occupational accident insurance.  GWI delivers superior customer service, flexible underwriting, and tailors coverage to the individual risk management needs of its clients, as opposed to the "one size fits most" approach of the competition.  The company's personal attention to their brokers and agents fosters strong relationships, which has given the company a long-standing reputation as a leader in the reinsurance and insurance industries. For more information, visit GreenWood International Insurance Services' web site at www.gwigroup.com.

SOURCE Pan-American Life Insurance Group