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Pan-American Life gets new Caribbean CEO
Pan-American Life Insurance Group (PALIG)—the company that acquired the assets of MetLife in the Caribbean in 2011—recently announced a strategic change in the leadership structure for its operations in the Caribbean and Mexico. William (Bill) R Schultz, Jr will assume the role of CEO and managing director, Caribbean, while Miguel Sierra, who has held that position since August 2012, will relocate to Mexico as country manager of Pan-American Mexico, Compañia deSeguros, SA.
“We are excited about the synergies that these two appointments will allow us to leverage. Bill has an impressive track record and a strong background in corporate employee and executive benefits sales that will be key to the development of that line of business in the Caribbean,” said José S Suquet, chairman of the board, president and CEO of Pan-American Life Insurance Group.
“Similarly, Sierra’s extensive knowledge of mass marketing and the understanding he developed of the personal accident and private client major medical lines of business while working in the Caribbean will be critical to the implementation of our growth strategy in Mexico.”
Schultz comes to Pan-American Life with over 30 years of experience in the insurance industry. He served most recently as senior vice president and director, foreign credit; for American International Group (AIG), Alico and MetLife, overseeing the credit related insurance business distributed through financial institutions, in over 60 countries. During his tenure, premium revenue grew from US$261 million to US$1.8 billion.
He previously held the position of regional director, North America Employee Benefits. Schultz holds a bachelor’s degree in economics and education from Bucknell University in Pennsylvania and is a certified employee benefits specialist (CEBS) as well as a chartered life underwriter (CLU).
“Sierra provided great leadership to our Caribbean teams during our first 18 months operating in the region, establishing a solid foundation for future growth,” Suquet said. “We have every confidence that Schultz will build on that foundation as we continue to implement our strategic vision for the region.” These appointments are subject to regulatory approvals. The company does not anticipate any difficulty in obtaining the necessary approvals.
The Pan-American Life Insurance Group is a provider of insurance and financial services throughout the Americas having been established in 1911. It employs more than 1,400 people worldwide and provides individual and/or group life and health insurance throughout Latin America and the Caribbean as well as in the US, where it has added employee benefits and financial services in 47 states, the District of Columbia (DC), Puerto Rico, and the US Virgin Islands.
The group operates in several Caribbean markets, including Barbados, Cayman Islands, Curacao and T&T as well as in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico and Panama.