Pan-American Life Insurance Company and Affiliates' Financial Strength Rating Upgraded by A.M. Best

NEW ORLEANS, May 20 /PRNewswire/ -- Pan-American Life Insurance Group (PALIG), announced today that A.M. Best Co., a global full-service credit rating organization, has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit ratings to "a" from "a-" of lead Group member Pan-American Life Insurance Company and its affiliates. The outlook for these revised ratings is stable.

In its report, A.M. Best noted that the rating for Pan-American Life reflected its long-established presence and name recognition in the Latin American countries and U.S. Hispanic marketplace, strong risk-adjusted capitalization, positive impact of various operational cost containment programs, and continuing execution of new business initiatives to address premium growth while sustaining statutory profitability from core lines of business. According to A.M. Best, Pan-American Life Insurance Company's overall investment portfolio appears to be less risky relative to its insurance risks, while the risk based capitalization remains more than adequate in recent years.

The report goes on to observe that the current management team, which has been in place over the past five years, continues to implement and improve business strategies by focusing on growing the Group's core Latin American and International Dollar businesses while re-emphasizing its U.S. operations geared toward the niche Hispanic market.

"The A.M. Best rating upgrade serves as validation that our management approach has produced the desired results, even in the context of what has been a very challenging operating environment," said Jose S. Suquet, Chairman, President and CEO. "Since I joined Pan-American Life five years ago we have worked diligently towards achieving this goal. Our entire management team shares the credit for building a strong foundation that has positioned the company to reach new heights."

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 700 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 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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED