Pan-American Life Insurance Group (PALIG), a provider of life, accident and health insurance, has completed the acquisition and merger of Encova Life Insurance Company (Encova Life).
Encova Life Insurance Company is an affiliate of the Encova Mutual Insurance Group.
The transaction was first announced in May 2023.
From what we understand, the transaction will add approximately $60 million in revenues, over $500 million in total assets, as well as $35 million in insurance premiums and 79,000 covered lives to PALIC’s US life insurance business.
As a result, this will further enhance PALIC’s US scale, reach and investment portfolio.
It has also been confirmed, that following the completion of this transaction, all Encova Life policies will be assumed by PALIC.
There will also be no changes to product terms or features for current policyholders.
José S. Suquet, Chairman of the Board and Chief Executive Officer of PALIG, commented: “We are very pleased to have closed this strategic transaction that complements and strengthens PALIC’s Mutual Trust Life Solutions (MTLS) division. The addition of Encova Life’s business further solidifies PALIC’s market leadership position with increased scale, greater financial strength, a sterling ratings profile, and continued growth in our strategic market segments.”
