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    Pan-American Life pursues Costa Rican market

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    New Orleans-based Pan-American Life Insurance Group announced Wednesday that it has filed a request for authorization to enter the Costa Rican market.

    The company already is doing business in Central America, with offices in El Salvador, Guatemala, Honduras and Panama.
    โ€œPan-American Lifeโ€™s 98-year history and the groupโ€™s experience throughout Latin America have played a fundamental role in this business development decision,โ€ CEO Josรฉ Suquet said. โ€œExpansion into Costa Rica is a natural step that supports the companyโ€™s geographic expansion and regional strategic plan.โ€

    Entry into Costa Rica โ€œwill complete our total coverageโ€ in Central America, Suquet said.
    Costa Rica recently approved a law authorizing private insurance competition. It is Central Americaโ€™s second-largest insurance market behind Panama, according to Pan-American.

    Upon receipt of authorization from Costa Ricaโ€™s equivalent of the insurance commissionerโ€™s office, Pan-American has plans to prepare and file a customized portfolio of products, including individual life and health insurance, as well as group life, accident and health insurance.

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