NEW ORLEANS, June 24 /PRNewswire/ -- Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services, announced today that its subsidiary, Pan-American Life Insurance de Costa Rica, S.A. has received final approval from the Superintendencia General de Seguros (also known as SUGESE, Costa Rica's Insurance Regulator) to operate in Costa Rica. The Group will be working closely with SUGESE for portfolio and product-specific approvals.
Upon receipt of final product authorization, Pan-America Life will offer a portfolio of individual health insurance, as well as group life, accident and health insurance products. Among the offering is a new major medical insurance product that will offer both local benefits, with access to in-country providers, as well as access to global medical networks and providers, including in the United States.
"We are pleased that SUGESE approved Pan-American Life to operate in Costa Rica. This much anticipated moment marks a continued expansion in the execution of our regional strategic plan," said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life. "The new competitive landscape in Costa Rica favors Pan-American Life, considering the company's 99-year history and the Group's deep-rooted experience throughout Latin America."
"Our leading position in the region's insurance industry commands high expectations for Pan-American Life in Costa Rica. We are committed to the opportunity to support the fulfillment of the health and life insurance needs of Costa Ricans," said Eugenio Magdalena, Executive Vice President of International Markets, Pan-American Life.
With executive offices in San Jose, Pan-American Life Insurance de Costa Rica, S.A. will mark its authorization with a series of launch events in Costa Rica, including media, broker and institutional briefings scheduled for late July 2010.
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 products and services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states and the District of Columbia (DC). 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, Puerto Rico, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com.
SOURCE Pan-American Life Insurance Group