CaribPR Wire

Economist and Former Finance Minister and Financial Management Veteran Join Group Board

NEW ORLEANS, Feb. 26, 2013 /PRNewswire/ – Today, Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced the appointments of Jerry Carlisle and Wendell Mottley to the company’s Board of Directors.

Jerry Carlisle is a financial consultant for the insurance and oil and gas industries, as well as the public sector.  He is an adjunct professor in the College of Business at Tulane University, and previously served as Deputy Inspector General, Audit & Review with the Office of Inspector General for the City of New Orleans.  For nearly 20 years Carlisle served in various financial management positions with The Louisiana Land and Exploration Company, including as Vice President, Controller and Chief Accounting Officer, prior to his retirement in March 1997.   Carlisle is deeply involved in the New Orleans business community, and has served on a number of Boards and committees including with the Louisiana Citizens Property Insurance Corporation, Vistage International and Energy Partners, Ltd.  Carlisle earned a B.S. in Accounting from Mississippi State University and a Master of Business Administration from Loyola University.

Through December 2011, Wendell Mottley served as Managing Director and Senior Advisor at Credit Suisse in New York.  Mottley served as Finance Minister of Trinidad & Tobago between 1991 and 1995.  Most recently, he was named Chairman of the Trinidad & Tobago Unit Trust Corporation.  Mottley earned Economics degrees from Yale and Cambridge Universities.  Additionally, he won 2 Olympic Track and Field medals in the 1964 Tokyo Olympics.

“We are very pleased with the addition of Jerry and Wendell to our Board of Directors, as their experience will continue to strengthen the diverse and expert understanding necessary to reinforce our leadership position in the Americas,” said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group.  “Jerry’s vast hands-on experience in financial management, accounting and audit will be a valuable addition to our Audit Committee.  The company’s growth trend extends into the Caribbean region – an area of focus and significant impact to Pan-American Life’s success – just two months following the completion of the MetLife Alico/Algico assets acquisition in 13 Caribbean countries. Wendell’s distinguished reputation and his keen understanding of the region, including the investment and regulatory frameworks, will be vital to the Group’s expansion to the Caribbean.”

About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services 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 1,300 worldwide, providing top-rated life and health insurance, employee benefits and financial services in 47 states, the District of Columbia (DC), Puerto Rico, and the U.S. Virgin Islands. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America and the Caribbean. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 15 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan-American Life Web site at palig.com.

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NEW ORLEANS, Oct. 24, 2012 /PRNewswire/ – Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, is pleased to announce the appointment of five executives to the Group’s finance team.  David Demmon has joined PALIG as Vice President, Controller and Chief Accounting Officer; Alywin Fruge has come to PALIG as Vice President of Internal Audit and Richard Mabry as Vice President, Corporate Tax.  Michael Douglas joins PALIG as Second Vice President Field Controller and Carlos Roberto Aldana as Vice President Corporate Development.

"The deep industry knowledge and expertise of these five executives further strengthens Pan-American Life’s finance team, and the Group’s commitment to financial security for our policyholders," said Carlos Mickan, Executive Vice President, and Chief Financial Officer. "At a time of significant growth for our Group, their collective, vast expertise and insights will guide strategies and reinforce oversight."

David Demmon has more than 20 years of experience in the insurance industry including multinational experience in accounting, financial and management roles, with leadership roles with Aviva North America, Kemper Investors Life Insurance and Zurich Financial Services / Farmers Group Inc.  Mr. Demmon received his B.S. in Economics from the University of Oregon and is a licensed Certified Public Accountant and Certified Internal Auditor.  

Alywin Fruge adds valuable insight with extensive experience in growth strategies and establishing core administrative, quality assurance and general audit methodologies across a variety of Internal Audit capacities. Mr Fruge earned his B.S. in Management with a focus on Accounting from Tulane University. He is a member of the Information Systems Audit and Control Association (ISACA) and the New Orleans Chapter of the Institute of Internal Auditors (IIA). 

Richard Mabry has more than 20 years of tax experience, with key roles in multiple tax planning strategies, advising on acquisition strategies and has developed and implemented comprehensive initiatives and structures for international companies. Mr. Mabry earned a B.A. in Business, Accounting and Philosophy from Wittenberg University. He received his M.B.A. in Finance from Ohio State University and an M.S. in Taxation from the University of Cincinnati. He is a licensed Certified Public Accountant and holds the professional designation of Fellow, Life Management Institute.

Michael Douglas financial services and insurance experience is centered in the areas of operational accounting and finance, strategic planning, reengineering and analysis, and product line extensions. Previously with MetLife, Mr. Douglas held various senior management positions over nearly 15 years with the company in the U.S., Central America, the Caribbean and the UK.

Carlos Roberto Aldana has nearly a decade of insurance and financial sector experience, most recently as a director/relationship manager with Merrill Lynch, Pierce, Fenner & Smith Inc. with a focus on transaction management and execution.  Mr. Aldana earned a B.S. in Industrial Engineering from the Instituto Tecnologico y de Estudios Superiores de Monterrey. He received an M.S. in Engineering from GMI Engineering and Management Institute and an M.B.A. in Analytic Finance, Economics and Accounting from the University of Chicago GSB.

About Pan-American Life

The Pan-American Life Insurance Group is a leading provider of insurance and financial services 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 1,300 worldwide, providing top-rated life and health insurance, employee benefits and financial services in 47 states, the District of Columbia (DC), Puerto Rico, and the U.S. Virgin Islands. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America and the Caribbean. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 15 Caribbean markets*, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan-American Life Web site at palig.com

* Several Pending Regulatory Approval

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Acquisition solidifies Pan-American Life Insurance Group’s presence in the Life and Health insurance segments in the Andean, Central American, and Caribbean Regions (ANCECA)

NEW ORLEANS, Nov. 9, 2011 /PRNewswire/ — Pan-American Life Insurance Group (PALIG), a leading provider of life and health insurance in Latin America and the United States, today announced a definitive agreement to acquire select businesses and assets from MetLife (NYSE: MET). PALIG plans to acquire MetLife’s American Life and General Insurance Company (ALGICO) unit in Trinidad & Tobago, along with American Life Insurance Company (ALICO) branches in Barbados, Cayman Islands and the majority of the Leeward and Windward Islands, and the ALICO operations in Panama and Costa Rica.  Upon closing, this transaction expands Pan-American Life Insurance Group’s size and extends its geographic footprint. Terms of the transaction were not disclosed.

Through this transaction, PALIG adds to its strong existing businesses in Panama and Costa Rica and expands its presence in the Caribbean. In total, the businesses being acquired by PALIG represent more than $125 million in 2010 premiums and $675 million in assets.

“Post close, Pan-American Life Insurance Group will have more than $625 million in revenues, $2.8 billion in assets and more than 1300 employees,” said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “The acquisition of the MetLife businesses and the establishment of our new operation in Mexico expand our geographic footprint, give us greater diversification and economies of scale, and reinforce the commitment our founders made 100 years ago to providing trusted financial security to customers in Latin America and the Caribbean.”

In addition, in connection with the transaction with MetLife, the parties anticipate that PALIG will become the MAXIS Global Benefits partner in these markets, and also in Central America and Ecuador. MAXIS Global Benefits Network is a worldwide pooling arrangement created to deliver optimal local insurance coverage to multinational companies through their own operations as well as independent carriers.

“This transaction expands Pan-American Life’s product offerings within the Life and Health segments by adding Personal Accident and Health lines, making Pan-American Life the number one, two or three life and health carrier in nearly all markets in which we compete outside of the United States,” added Mr. Suquet.

Both MetLife and PALIG have received their required internal approvals, and the transaction is expected to close in the first half of 2012. It is subject to certain regulatory approvals and other customary closing conditions.

“ALICO has a long history of being a formidable company and respected competitor. Their success has been driven by their talented employees and we look forward to adding them to the Pan-American Life team as we expand into 22 countries in the region,” said Mr. Suquet. “We believe this transaction allows us to grow profitably and bring value to our customers, distributors, employees and the communities we serve. We will work closely with MetLife to ensure the smoothest possible transition for employees and uninterrupted service for customers.”

Morgan Stanley served as principal financial advisor to Pan-American Life Insurance Group.  Debevoise & Plimpton LLP served as principal legal advisor to Pan-American Life Insurance Group. Dewey & LeBoeuf LLP served as principal legal advisor to MetLife.

About Pan-American Life

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, Mexico, Panama, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com

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