Pan-American Life Insurance de Costa Rica, a subsidiary of Pan-American Life Insurance Group (PALIG), has received final authorisation from the Superintendencia General de Seguros (SUGESE) to operate in Costa Rica. The Group will work closely with SUGESE for portfolio and product-specific approvals.

PALIG said, upon receipt of final product authorization, it will offer a portfolio of individual health insurance, as well as group life, accident and health insurance products.

PALIG has added that it will also offer a new major medical insurance product that will offer both local benefits, with access to in-country providers, as well as access to global medical networks and providers, including in the US.

Jose Suquet, chairman of the board, president and CEO of Pan-American Life, said: This much anticipated moment marks a continued expansion in the execution of our regional strategic plans. The new competitive landscape in Costa Rica favors Pan-American Life, considering the company’s 99-year history and the group’s deep-rooted experience throughout Latin America.

Eugenio Magdalena, executive vice president of international markets at Pan-American Life, said: Our leading position in the region’s insurance industry commands high expectations for Pan-American Life in Costa Rica. We are committed to the opportunity to support the fulfillment of the health and life insurance needs of Costa Ricans.