New Orleans-based Pan-American buying life insurance business from Ohio firm

May 24, 2023 by Staff Report

New Orleans-based Pan-American Life Insurance Group is acquiring Encova Life Insurance Company, the life insurance arm of Encova Mutual Insurance Group of Columbus, Ohio, the companies announced Monday.

The deal’s purchase price was not disclosed, but it should add $60 million to Pan-American’s annual revenue haul, including $38 million in insurance premiums from 82,000 policies, according to a news release. It should also boost Pan-American’s total assets by $600 million.

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Originally Posted at Nola on May 22, 2023 by Staff Report.