Boston-based GreenWood International Insurance Services Inc. (GWI) has been acquired by New Orleans-based Pan-American Life Insurance Group, a life and health insurance provider in Latin America and the U.S. Hispanic market.
Pan-American financed the acquisition with available resources and expects the business to be accretive to the company’s financial results in 2011 and beyond, according to a statement.
"GreenWood International is known for their underwriting expertise, innovation, flexibility and superior customer service," said Jose S. Suquet, chairman of the board, president and CEO, Pan-American Life Insurance Group. "This transaction is a natural fit with our current business model, supporting our continued investment in the domestic market segment. This acquisition will offer many cross-selling opportunities for both companies and expands our distribution channels."
"We firmly believe the integration of GreenWood International’s creative risk solutions and long-standing relationships, with Pan-American Life’s unparalleled offerings throughout the Americas enhances the combined product offering and joint vision of continued success in a constantly changing insurance industry," said Daniel Boisvert, CEO of GWI.
