Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced today the launch of its operations in Mexico with an initial investment of 4 million dollars, and an offer of two of its portfolio products of International Major Medical Insurance and Personal Accidents coverage. This expansion into the Mexican market exemplifies the natural evolution of the Group's constant growth and confirms the more than a century old commitment that Pan-American Life has had with Latin America and the Caribbean, where the company operates in twenty two countries.
The Mexican subsidiary received the authorization from the Department of Revenue and Public Credit (SHCP) to operate and market its Major Medical Expense Insurance (Pan-American WorldAccess & Pan-American PreferredAccess) and Personal Accidents products, and will be under the general supervision of Julio Verduzco . Mr. Verduzco will be responsible for the implementation of a distribution channel composed of agents, promoters and brokers with a highly specialized profile to provide services to clients in Mexico.
Pan-American WorldAccess and Pan-American PreferredAccess fall under the umbrella of Pan- American Life's new Private Client concept, which will provide a one-stop, full service life and health insurance benefit for high net worth individuals. Through these International Major Medical plans, individuals seeking international health insurance will have access to a dedicated concierge service and first class health benefits, delivered through an extensive network of medical providers in Mexico, the U.S. and the rest of the world. The clients will receive all of these benefits without the traditional actuarial limitations and with policies on pre-existing conditions and waiting periods that are different than those of the competition.
"The launching of these products in the Mexican market responds to the need to cater to a Premium potential clientele segment that requires medical insurance that provides coverage in hospitals in the United States and the rest of the world including global specialists," stated Julio Verduzco . "This offering is one of the many ways in which we aim to provide superior service and exceptional value to our distributors/producers and their clients."
In addition, Jose S. Suquet , Chairman of the Board, President and CEO of Pan-American Life Insurance Group, declared "Our constant growth in Latin America is the key to our company's success. The launching of operations in Mexico, which has one of the most consolidated economies of the region, extends the Pan-American Life Insurance Group's geographic reach and reflects the confidence that we have to take part in one of Latin America's leading markets of personal insurance." The personal insurance market has an approximate value of: $12,836 million (60% of the market, as of December 2011).
The hosts of PALIG's launch event, which took place on the exclusive 51st floor of the Torre Mayor of Mexico City, were Jose S. Suquet , Chairman of the Board, President and CEO of Pan-American Life; Julio Verduzco , Country Manager of Pan-American Mexico; Michael Carricarte , Senior Vice President of Pan-American Life Insurance Group and President of Pan-American Private Client – International Major Medical Insurance and Robert DiCianni , Senior Vice President International for Pan-American Life.
Pan-American Mexico has the goal to establish a position of leadership in the International Major Medical and Personal Accident Insurance market in Mexico. Pan-American Life which has a history over a century old is the leading insurer in the industry of personal insurance in the countries of the region in which it operates. Among them are: Guatemala, Honduras, Ecuador, El Salvador and Panama, among others.
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