Press Releases
Pan-American Life Issues Surplus Note
NEW ORLEANS 10/24/2005 12:00:00 AM
NEW ORLEANS —( October 24, 2005 ) — Pan-American Life Insurance Company, headquartered in New Orleans , announced today that it completed a private placement of a US$50 million principal amount surplus note, which was priced on October 18, 2005 . The note is scheduled to mature after 30 years and is callable at the option of Pan-American Life after ten years from the date of issuance, in whole or in part, with the prior approval of the Louisiana Department of Insurance.
José Suquet, President and Chief Executive Officer of Pan-American Life, said, "We are pleased by the favorable pricing and transaction execution, particularly on the part of the Louisiana Department of Insurance, for this, our inaugural issuance in the capital markets. We continue to be focused on returns to our policyholders as we seek to enhance the value of Pan-American Life, a venerable and respected firm in both the United States and Latin America . This marks an important milestone for the company, particularly as a New Orleans based institution rapidly recovering from the storms that recently affected the state of Louisiana , and it will enhance our capability to execute on our strategy of expanding in the Latin American and US Hispanic markets.”
FTN Financial and Keefe, Bruyette & Woods acted as Placement Agents and Fox-Pitt, Kelton acted as financial advisor on this transaction
About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com
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