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Suquet to relinquish role as president of Pan-American Life Insurance Group – New Orleans, Louisiana

New Orleans, Louisiana 2021-10-28 11:53:24 –

The Pan-American Life Insurance Group has rocked the leadership team and is a longtime leader, José S. Suquet has abandoned the role of president, and the other three are playing that role.

Suquet, who has been in command of the New Orleans-based company since 2004, will continue to be chairman and CEO of the board, according to a news release from Pan American. In January, the company will be transferred to three presidents. RobertDiCianni, President, Global Benefits. Bruce Parker, President of Global Life. And Steve Friedman. President of Finance and Investments.

In addition, Carlos Mikan, Vice Chairman of the Board and Head of Finance and Administration, will retire later this year. He will remain on the company’s board of directors as a board member, Release said.

Founded in 1911, Pan American is one of the top insurance companies for people and businesses in the United States and Latin America. Suquet had a hard time regaining strategic focus and took over. It quickly refocused its roots in Latin America and readjusted its presence in the United States, with revenue increasing from $ 275 million to $ 700 million almost a decade later. He was appointed chairman of the board of directors in 2008.

Over the last five years, Pan American has diverged to include more than 12 markets in the Caribbean, as well as Panama, Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras and Mexico.

In 2015, Suquet led the merger of Pan Am’s mutual holding company and Illinois-based mutual trust holding company, boosting earnings to $ 1 billion. In 2017, Pan Am acquired Hola Doctor Inc. to expand its presence in the US Hispanic healthcare market.

The company was hit by a cyberattack in February, blocking customer communications and temporarily closing the Pan American Life Center office in downtown New Orleans. According to The Times-Picayune / New Orleans Advocate, some customer data was later stolen in an attack.

Pan Am covers 5.8 million people and employs 2,100 workers worldwide.

According to the company, pre-tax operating profit in 2020 was down 40% due to higher COVID-19-related billing and investments related to digital strategy. Revenue increased by 2%. Net income decreased by 50% from 2019 to 2020 due to COVID-related claims and “Unrealized Loss of Equity in 2020”.

Suquet to relinquish role as president of Pan-American Life Insurance Group Source link Suquet to relinquish role as president of Pan-American Life Insurance Group

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