Pan-American Life Insurance Group (PALIG) has acquired Massachusetts-based GreenWood International Insurance Services (GWI), a managing general underwriter.
The GreenWood underwrites and administers various insurance products including medical stop loss, personal accident, occupational accident, and primary employer’s indemnity insurance policies.
The acquisition will strengthen Pan-American Life’s medical health product offering and positions the company for expansion in the US. Pan-American Life offers life and health insurance services in Latin America and the US Hispanic market.
GreenWood International CEO, Daniel Boisvert, will remain in his position, as will chief operating officer Joseph Sullivan, both reporting to Pan-American Life’s John Foley, senior vice president, domestic markets.
GWI will remain in their current offices located in Boston, Austin and Kansas City. The day to day management of GWI will continue to be handled by Risk Solution Resources, the special markets program manager for Pan-American Life over the past six years.
Pan-American Life Insurance chairman of the board, president and CEO Jose Suquet said this acquisition will offer many cross-selling opportunities for both companies and expands the distribution channels.
New Orleans-based Pan-American Life Insurance has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, and the Cayman Islands.