Pan-American Life Insurance Group and Mutual Trust Financial Group have completed the merger of their mutual insurance holding companies.
The deal was first announced by both the firms in April this year.
As part of the deal, Pan-American Life Mutual Holding Company and Mutual Trust Holding Company have merged into one mutual holding firm.
The combined entity will continue to operate with the name of Pan-American Life Mutual Holding Company.
The newly created firm is said to have $1bn in revenues, $5.5bn in total assets, 1.5 million covered lives and 1,650 employees. It will also have $850m in total capital.
The merger is expected to enhance the combined firm’s position as a provider of life, accident and health insurance products in the Americas.
Pan-American Life Insurance Group board chairman, president and CEO José Suquet said: "The completion of the merger positions us for accelerated growth and improves the financial strength of the combined entity.
"The addition of Mutual Trust’s business complements Pan-American Life’s existing portfolio, creating a more balanced geographic footprint throughout the Americas and a more diversified base of business in the US, thanks to Mutual Trust’s meaningful presence in the US life market and expertise in the mass affluent market."
Suquet will be the head of the new combined firm that will continue to operate from its global headquarters in New Orleans, Louisiana.
Mutual Trust former chairman, president and CEO Stephen Batza will serve as president for the Pan-American Life US Life Business, one of the four business units established due to the merger. He will also act as president and CEO for Mutual Trust Life Insurance.
Pan-American Life Insurance Group offers insurance and financial services throughout the Americas.
Image: Pan-American Life and Mutual Trust Financial have completed the merger of their mutual holding companies. Photo: courtesy of stockimages/ FreeDigitalPhotos.net.