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MeneameThe recent acquisition of certain MetLife (NYSE: MET) assets in Central America and the Caribbean will be accretive to the earnings of the acquirer, US life and health insurer Pan-American Life Insurance Group (PALIG), 12 months after closing, or in 1H13, PALIG president and CEO José Suquet told BNamericas.
Last week, PALIG announced it was buying American Life and General Insurance Company's (ALGICO) unit in Trinidad and Tobago, along with American Life Insurance Company (ALICO) branches in Barbados, the Cayman Islands and the majority of the Leeward and Windward islands, as well as the ALICO operations in Panama and Costa Rica, for an undisclosed sum.
The businesses being acquired by PALIG represent more than US$125mn in 2010 premiums. After closing, the group will have more than US$2.8bn in overall assets, of which the acquired businesses would represent 24%.
PALIG will also continue to look for purchases to expand in the region, Suquet said.
"Our balance sheet provides us the financial flexibility to complete this acquisition and continue to look for other strategic acquisitions to grow our presence throughout the Americas," he said, adding that he expects PALIG's sales in the region to achieve double-digit growth in 2012.
The company's revenues grew 9.5% to reach US$455mn last year, with Latin America growing 16% and representing 40% of total revenues.
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