New Orleans, LA–(HISPANIC PR WIRE – BUSINESS WIRE)–September 12, 2007–The board of directors of Pan-American Life Insurance Group today announced that John J. Kelly will step down as chairman of the board effective January 1, 2008. Jose S. Suquet, Pan-American Life Insurance Group’s president and chief executive officer, will assume the additional role of chairman of the board. Kelly will become chairman emeritus and lead director.
Kelly, 73, joined PALIC’s board of directors in 1994 at a very pivotal time. As chairman of the board for the last four years, Kelly preserved the company’s rich heritage, stabilized the company through a CEO search, and set the stage for future growth. Kelly’s contributions and astute recruiting have propelled the company to new levels of growth and value, and have strengthened the company’s senior management.
“For thirteen years it has been a privilege to serve this company as director and as chairman of the board. I am pleased to say that Pan-American Life is in a stronger position today than when I took on the role of Chairman in 2004,” said Kelly.
Kelly stated, “President and CEO, Jose Suquet, has already made a lasting and significant impact. His strategic leadership and deep industry knowledge will continue to drive the company’s growth and success. There is undoubtedly no better person for this post.”
Despite facing countless challenges, including overcoming Hurricane Katrina in New Orleans – site of Pan-American Life’s corporate headquarters, under Suquet’s direction the company has gone through a major restructuring, including reorganization under a mutual holding company structure, Pan-American Life Insurance Group, in January 2007.
In addition, in 2005 the company successfully entered the capital markets with a surplus note. 2006 marked a record year for Pan-American Life with a significant increase in contribution to overall surplus and overall increase of 50 percent in life insurance sales – setting the stage for great success in 2007.
“Our vision, strategy and focus of serving Hispanics in the Americas will remain the same. I look forward to continued collaboration with John Kelly. The decisions we make are founded on the core tenets that shape our rich heritage and our corporate strength, which are sound financial management, corporate governance and profitable growth,” said Suquet.
About Pan-American Life Insurance Group
Pan-American Life Insurance Company (PALIC) is a member of Pan-American Life Insurance Group (PALIG) that provides life and health insurance, worksite benefits and financial planning services in 43 states, the District of Columbia and Puerto Rico. Its international operation offers life and group health insurance throughout branch offices in Ecuador, El Salvador and Honduras and affiliates in Panama, Guatemala and Colombia. http://www.panamericanlife.com