Pan-American Life Insurance (PALIG) has acquired majority of assets and businesses of MetLife in the Cayman Islands, Costa Rica, Panama, St Lucia and Trinidad and Tobago following regulatory clearance.

PALIG anticipates receiving of regulatory approval and closing on the remaining Caribbean countries over the next few months.

Upon completion of the deal, PALIG will have nearly $675m in assets, encompassing 15 countries in Central America and the Caribbean.

Pan-American Life Insurance chairman of the board, president and CEO Jose Suquet said the purchase solidifies Pan-American Life Insurance’s strategy to become one of the leading life and health insurance providers in the Americas.

"The completed acquisition builds on Pan-American Life Insurance Group’s financial strength and expands our size and geographic footprint, while reinforcing our commitment to serving customers throughout the Americas," Suquet added.

"The addition of the MetLife – Alico/Algico business fits perfectly with Pan-American Life’s strategic focus of becoming a leading life and health insurance carrier with international reach for insureds of both our corporate and personal lines."