A life insurance company, one of the investors reportedly hit by a more-than-$500 million financial fraud, must stop selling policies in Virginia, the State Corporation Commission has ordered.
The SCC Bureau of Insurance had charged that the firm, Atlantic Coast Life Insurance Co., was in a hazardous financial condition and has agreed to stop selling insurance in the state.
The bureau’s action and the settlement come in the wake of South Carolina insurance regulators’ petition to a state court there authorizing them to take control of the company.
Atlantic Coast had 18,709 policies in Virginia providing roughly $266 million of coverage as of Dec. 31.
In the past six months, the company’s surplus — basically the money that backstops its promises to pay benefits in case its reserves aren’t sufficient — has dropped from $79 million to $45 million, its latest financial filing with the bureau shows.
“Without accepting as accurate the factual allegations … This offer is being made solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law,” Jill Gettman, Atlantic Coast’s chief legal counsel and secretary, said in a filing with the bureau.
She said Atlantic Coast would continue to properly pay claims under its Virginia policies.
The ban on new sales by Atlantic Coast takes effect Nov. 1. The company can, however, renew existing policies that are guaranteed renewable or noncancellable.
The SCC order says the ban on new sales would end if South Carolina regulators withdraw their court petition seeking control of the company and, at the same time, if the insurer’s parent either raises at least $50 million with an agreed amount going to support the insurer or if another company offers to acquire the firm.
South Carolina regulators want to take control of Atlantic Coast and its affiliate Southern Atlantic Re because they allege their parent company, the private equity firm Advantage Capital Holdings, moved money from retiree annuities into investments that could be easily redeemed, as well as in loans that exceeded previously agreed limits.
The South Carolina regulators said Atlantic Coast had too much money tied up with a failed investment firm, 777 Partners, and didn’t disclose investments made with affiliated firms.
Advantage Capital has contested the regulators’ charges.
Earlier this month, Joshua Wander, founder and former CEO of 777 Partners, pleaded guilty to wire and securities fraud in connection with a scheme to defraud the lenders and investors of 777 Partners.
Federal prosecutors said Wander defrauded investors and lenders of more than $500 million.
Prosecutors said Wander told investors they would be financing “structured settlements,” contracts that turn lump sum legal settlements for damages into a series of smaller payments over time.
Instead, Wander actually invested in other things, including airlines and professional sports teams, instead of using funds to make sure structured settlements paid what they promised, prosecutors said.
The rating agency AM Best has downgraded Atlantic Coast’s financial strength rating from B, fair, to C-plus, marginal.
“Current capital levels and regulatory capital ratios have deteriorated in the first six months of 2026, continuing a trend since 2024,” AM Best said in a statement.
“The group has a significant allocation to illiquid assets and equities that are not traditionally associated with insurance company investments,” the agency added.
BELLEVUE, Wash. & NEW YORK–(BUSINESS WIRE)– Symetra Life Insurance Company, a leading provider of life, retirement and employee benefit insurance products, and Teachers Insurance and Annuity Association of America (TIAA), a long-standing leader in lifetime income, today announced the launch of Mariner Re Ltd., a Class E licensed reinsurer domiciled in Bermuda.
Mariner Re will provide committed growth capital to support Symetra’s annuity business through a flow reinsurance arrangement, effective Oct. 1, 2026. As part of the transaction, Mariner Re will be supported by a $750 million equity investment from TIAA.
Symetra Investment Management Company (SIM) and Nuveen, the global asset management firm wholly owned by TIAA, will serve as Mariner Re’s investment managers. The dual-manager structure combines SIM’s established insurance asset management capabilities with Nuveen’s institutional expertise, providing Mariner Re with broadened access to asset classes and investment strategies.
“Symetra’s strategic relationship with TIAA, a well-regarded company, pairs our combined financial strength and insurance expertise with a strong cultural alignment and collaborative approach,” said Margaret Meister, president and chief executive officer of Symetra Financial Corporation. “Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”
“This transaction allows TIAA to expand and diversify our balance sheet, strengthening our ability to meet the long-term obligations we have to the retirement plan participants who count on us, while deepening our long-standing relationship with Symetra and its parent company, Sumitomo Life,” said Dave Dowrich, chief financial officer at TIAA.
Symetra Chief Investment Officer Nicholas Mocciolo said, “SIM’s lead role as investment manager reflects our commitment and investment partnership with Mariner Re and Symetra. We are pleased to be working with Nuveen, a strong investment partner that brings breadth and depth to this relationship.”
“This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities,” said Bill Huffman, CEO of Nuveen. “We’re proud to bring the breadth of our public to private capabilities to Mariner Re’s portfolio and to deepen our long-standing relationship with Symetra and Sumitomo Life.”
Deutsche Bank Securities Inc. acted as structuring agent and placement agent for the transaction. PJT Partners served as financial advisor for TIAA. Willkie Farr & Gallagher LLP served as legal counsel for Symetra and Mayer Brown LLP and Simpson Thacher & Bartlett LLP served as co-lead legal counsel for TIAA and Conyers as Bermuda counsel for the transaction.
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit https://www.symetra.com/.
About Symetra Investment Management
Symetra Investment Management Company (SIM) is a Registered Investment Adviser offering discretionary investment advisory services to institutional clients. Founded in 2019 and headquartered in Farmington, Conn., SIM manages approximately $93.8 billion in assets across Investment Grade Corporate Credit, High Yield, Bank Loans, Commercial Mortgage Loans, Private Placements, Structured Credit, Hedging and Alternatives. SIM is a wholly owned subsidiary of Symetra Financial Corporation. For more information, visit https://www.symetra.com/symetra-investment-management/.
About TIAA
Our mission is to provide a more secure financial future for all. As a leading retirement, wealth and asset manager, the company has delivered investment options and guidance to help people pursue prosperity that lasts across market cycles and generations. TIAA has nearly $1.6 trillion in assets under management (as of 06/30/2026)*. For more information, visit www.tiaa.org/about.
About Nuveen
Nuveen, a TIAA Company, is a global investment leader, managing $1.4 trillion in public and private assets for clients around the world, as of June 30, 2026. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors — all to pursue lasting performance for our clients, our communities, and our global economy. For more information, please visit www.nuveen.com.
*As of June 30, 2026, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,599 billion.
Updates also made to Jackson’s Single Premium Immediate Annuity
LANSING, Mich.–(BUSINESS WIRE)– Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today launched Jackson Fixed Index Accumulation and Jackson Fixed Index Accumulation Advisory, fixed index annuities that protect retirement savings while providing growth potential. Jackson Fixed Index Accumulation (commission-based) and Jackson Fixed Index Accumulation Advisory (fee-based) each offer 5- and 7-year options, giving consumers choices based on their individual needs and retirement timeline. Additionally, Jackson has introduced Jackson Protection Advantage, a 10-year contract that is offered directly to independent agents.
“The launch of the Jackson Fixed Index Accumulation Suite highlights our continued focus on delivering innovative products that meet the needs of consumers and support long-term retirement planning strategies,” said Alison Reed, EVP, Head of Distribution, Jackson National Life Distributors LLC (JNLD), the marketing and distribution business of Jackson. “This product suite offers financial professionals and their clients meaningful flexibility through five available indices and four different crediting methods. All five indices are available across each crediting method and can be used in any combination, giving financial professionals greater ability to tailor products to individual client needs and objectives.”
Jackson Fixed Index Accumulation Suite and Jackson Protection Advantage features include the following:
Multiple Index Options: To provide increased diversification2, five index options can be allocated in any combination, including the S&P 500, Dow Jones Industrial Average, Nasdaq-100, Russell 2000 and MSCI EAFE. Jackson will not restrict which index options can be selected with each crediting method, offering consumers a broad menu of available equity exposures in the market3.
Guaranteed Cap4 and Guaranteed Performance Trigger5 Crediting Methods6: Clients can lock in the cap rate or performance trigger rate, removing uncertainty with what the renewal rate will be for the duration of the 5-, 7- or 10-year withdrawal charge/market value adjustment period. Additional crediting methods available include non-guaranteed cap and non-guaranteed performance trigger.
Higher Crediting Premium Rate Band: The Jackson Fixed Index Accumulation Suite offers higher caps/rates on larger premium amounts. In addition to the $0-$99,999 and $100,000 or more rate bands, this product includes an additional crediting band for contracts with $500,000 or more in premium.
Embedded GMAB: The embedded guaranteed7 minimum accumulation benefit (GMAB) guarantees that the contract value will not be less than 100% of the premiums paid, adjusted for withdrawals, at the end of the withdrawal charge/market value adjustment period. For the fee-based product, financial professionals are able to take the advisory fee8 from the contract without negatively impacting the GMAB or the return of premium component of the death benefit calculation.
Extended Care9 and Terminal Illness10 Withdrawal Charge Waivers: There is no limit on the frequency of withdrawals that can be made utilizing these waivers and no cap on the amount of money that can be withdrawn.
Jackson also recently announced updates to its single premium immediate annuity (SPIA) product.
Jackson SPIA: The new product, available in all states except New York, offers additional income options, including joint continuation and installment refund options. The product includes flexibility for increasing payment options available with many of the income options.
“Retirees want confidence that their savings can provide a reliable stream of income throughout retirement,” said Matt Lemieux, Head of Product & Advanced Planning Solutions, JNLD. “The refresh of our SPIA product gives financial professionals more ways to structure income around each client’s priorities, including how payments continue for a spouse or whether income can increase over time.”
Financial professionals who would like to learn more about Jackson’s recent product enhancements can contact the company at 1-800-711-7397, connect with their local wholesaler or visit http://www.jackson.com/financial-professional.
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for three consecutive months or more.)
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
SAFE HARBOR STATEMENT
The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
GENERAL DISCLOSURES
Jackson, its distributors, and their respective representatives do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used and cannot be used for the purpose of avoiding U.S. federal, state, or local tax penalties. Tax laws are complicated and subject to change. Tax results may depend on each taxpayer’s individual set of facts and circumstances. You should rely on your own independent advisors as to any tax, accounting, or legal statements made herein.
Annuities are long-term, tax deferred vehicles designed for retirement and are insurance contracts. Earnings are taxable as ordinary income when distributed. Individuals may be subject to a 10% additional tax for withdrawals before age 59½ unless an exception to the tax is met.
Guarantees are backed by the claims-paying ability of Jackson National Life Insurance Company. They are not backed by the broker/dealer from which this annuity contract is purchased, by the insurance agency from which this annuity contract is purchased or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of Jackson National Life Insurance Company.
FIXED INDEX ANNUITIES (FIA) DISCLOSURES
The “S&P 500®” and the “Dow Jones Industrial Average®” (the “Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by Jackson National Life Insurance Company (“Jackson”). S&P®, S&P 500®, SPX®, SPY®, US 500, The 500, iBoxx®, iTraxx®, CDX®, The Dow®, DJIA®, and Dow Jones Industrial Average® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Jackson. Jackson’s products are not sponsored or sold by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products, nor do they have any liability for any errors, omissions, or interruptions of the Indices.
Jackson Fixed Index Accumulation Suite has been developed by Jackson National Life Insurance Company. These annuities are not in any way connected or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively the “LSE Group”). FTSE Russell is the trading name of certain LSE Group Companies.
All rights in the Russell 2000 Index vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of relevant LSE Group company are used by other LSE Group company license.
The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent, or partner. The LSE Group does not accept any liability to any person arising out of (a) the use of, reliance on or any error in the index or (b) investment in or operation of Jackson Fixed Index Accumulation Suite. The LSE Group makes no claim, prediction, warranty or representation as to the results to be obtained from Jackson Fixed Index Accumulation Suite or the suitability of the Index for the purpose to which it is being put by Jackson National Life Insurance Company.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Jackson National Life Insurance Company® (“Jackson”). The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
The Product referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Products or any index on which such Products are based. The Contract contains a more detailed description of the limited relationship MSCI has with Jackson National Life Insurance Company and any related products.
All indexes are unmanaged and not available for direct investment. The payment of dividends is not reflected in the index return.
Fixed index annuities are also referred to as fixed annuities with index-linked interest in the contract.
Fixed index annuities are not available in New York.
Fixed index annuities (contract form numbers FIA297, FIA297-CB1, ICC26 FIA297, ICC FIA297-CB1, FIA299, FIA299-FB1, ICC26 FIA299, ICC26 FIA299-FB1) are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and distributed by Jackson National Life Distributors LLC, member FINRA. These products are fixed annuities that do not participate in any stock or equity investments and have limitations and restrictions, including withdrawal charges and/or market value adjustments (may not be applicable in all states). During the withdrawal charge and/or market value adjustment period the annuity’s cash withdrawal value may be less than the initial premium. For costs and complete details, contact Jackson. Premium payments are flexible in the first contract year only, subject to contract minimums and maximums. Subsequent premiums will remain in a fixed account option until the first contract anniversary. No premium payments will be accepted after the first contract anniversary.
The design of these annuity contracts emphasizes the protection of credited interest rather than the maximization of interest rate crediting. Jackson issues other annuities with similar features, benefits, limitations, minimum caps/rates and charges. Similar products with different features, limitations, and with either higher or lower caps/rates may be available through other broker/dealers. Discuss them with your financial professional or contact Jackson for more information. Fixed index annuities may not be suitable for everyone.
SINGLE PREMIUM IMMEDIATE ANNUITY (SPIA) DISCLOSURES
Jackson SPIA single premium immediate annuity (contract form numbers ICC26 IA320, ICC26 IA320-CB1, IA320, IA320-CB1) is issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and distributed by Jackson National Life Distributors LLC, member FINRA. This contract has limitations and restrictions. Jackson issues other annuities with similar features, benefits, limitations and charges. Discuss them with your financial professional or contact Jackson for more information.
Products and features may be limited by state availability, and/or your selling firm’s policies and regulatory requirements (including standard of conduct rules).
____________________
1 Jackson National Life Insurance Company is a wholly owned subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a publicly traded company.
2 Diversification does not assure a profit or protect against loss in a declining market.
3 Investors are not buying shares of any stock or index and cannot invest directly in an index. The payment of dividends is not reflected in the index return.
4 A crediting method with the stated amount of potential gain, if the index return is positive, that could be credited for a selected term. The guaranteed cap rate (GCR) is declared at the beginning of the initial index account option term, is generally a lower rate than the non-guaranteed cap rate and will not change during the guarantee period.
5 A crediting method that credits a stated rate of interest if the index performance meets or exceeds a specified performance threshold during the selected term. The guaranteed performance trigger rate (GPTR) is declared at the beginning of the initial index account option term, is generally a lower rate than the non-guaranteed performance trigger rate and will not change during the guarantee period.
6 The guaranteed crediting methods can only be elected on the contract issue date. The guaranteed crediting methods cannot be elected again on funds that are transferred or withdrawn out of the index account option covered by the guarantee. Once index account option value is removed from an index account option with a guaranteed crediting method, it cannot be reallocated into a new or existing guaranteed crediting method. The guaranteed rates will not change during the withdrawal charge/market value adjustment period.
7 Guarantees are backed by the claims-paying ability of Jackson National Life Insurance Company.
8 At product launch, the maximum advisory fee is 1.25%.
9 State variations may apply. Owners will be eligible for this waiver of withdrawal charge after the first contract anniversary. If the owner or joint owner is confined to a nursing home or hospital for 90 consecutive days by medical necessity beginning after the contract issue date, you may access up to 100% of the contract value free of withdrawal charges. All contract values will be reduced proportionately. This benefit may be exercised multiple times, up to the contract value. Taxes may apply. This does not apply to Jackson Fixed Index Accumulation Advisory 5 or Jackson Fixed Index Accumulation Advisory 7.
10 State variations may apply. Owners will be eligible for this waiver of withdrawal charge after the first contract anniversary. If the owner or joint owner is diagnosed with a terminal illness that is expected to result in death within 12 months, you may access up to 100% of the contract value free of withdrawal charges. All contract values will be reduced proportionately. This benefit may be exercised multiple times, up to the contract value. Taxes may apply. This does not apply to Jackson Fixed Index Accumulation Advisory 5 or Jackson Fixed Index Accumulation Advisory 7.
Insurance industry veteran José Suquet’s bags were nearly packed for a job in Miami in 2004 when recruiters looking to fill the top job at Pan-American Life Insurance Group in New Orleans came calling.
After studying the now-115-year-old company’s history, challenges and opportunities, he decided the role was too good to pass up, so he flew back to New York to pitch his family on a new game plan.
It turned out to be a good decision for all involved — especially for the legacy New Orleans-based insurer that was losing market share and seeing profits erode at the beginning of the millennium.
Since reporting for work in November 2004, Suquet has led Pan-American through a two-decade turnaround, helping boost its annual revenue from $284 million in 2004 to an expected $2 billion this year, an all-time high.
Today, the company’s 2,200 employees worldwide help sell life, health and accident insurance to groups and individuals throughout the United States and in 21 Latin American and Caribbean countries.
Suquet said he and his team reversed Pan-American’s fortunes by shedding unprofitable lines of business, selling the two New Orleans skyscrapers it owned, maintaining a conservative investment strategy and, most important, focusing on the markets that gave it its start — even though that means underwriting risk in some countries marked by political and economic volatility.
As a result, a business that at one point was in danger of getting downgraded by insurance industry ratings agencies instead began an era of unprecedented growth.
It’s a remarkable comeback for an enterprise that Tulane University business professor Peter Ricchiuti describes as the “biggest New Orleans business that few people have ever heard about” — and it’s a win for a city that has lost many corporate headquarters in recent decades.
It’s the kind of success that leaves Pan-American’s board wanting more — and Suquet said he plans to take the company to the next level.
The longtime CEO and chair of the board, who turned 70 in May, said a succession plan is in place but that he’s not retiring anytime soon.
“We’ve been able to bring this ‘grand old lady’ that had lost its luster to where we are now,” he said. “And we have very ambitious plans over the next five years.”
‘Lost their focus’
Pan-American Life was founded in 1911, when New Orleans was the largest city in the South and one of the United States’ most important gateways to Latin America.
Co-founder Crawford H. Ellis recognized an opportunity to sell life insurance to individuals and businesses throughout the Americas during his time as an executive at the United Fruit Co., the storied enterprise that a century ago was responsible for importing millions of bananas a year from Central America and the Caribbean.
One of the company’s first markets was Panama. Over the decades, it entered new countries and added new products, along the way weathering several wars, the Great Depression and all manner of political upheaval.
By the early 1950s, Pan-American was in business in nine Central and South American nations as well as half the U.S. states. And, by 1980, its New Orleans employee count had reached roughly 900, causing the company to move from its midcentury modern headquarters on Canal Street into a new 28-story granite skyscraper on Poydras Street in the Central Business District.
Crawford led the venture he co-founded for more than a half century before his death in 1966. Several leadership groups followed, including executives in the 1990s who prioritized expansion in the United States.
But that strategy didn’t pay off, Suquet said, which is why, by the time a recruiting firm was searching for new leadership in 2004, the firm’s board of directors wanted a course correction.
“Management at the time tried to be this company that they’re not, which is a large American insurance company, competing with the giants like Northwestern Mutual, Prudential and MetLife,” Suquet said. “But they had lost their focus on their core market, which was Latin America.”
‘All the opportunities’
Suquet, who began his career in the 1970s as a life insurance agent after graduating from Fordham University, had already notched nearly three decades in the industry when the opportunity to lead Pan-American came along. He wanted the job so badly that he hired his own consulting firm and spent time analyzing the company’s financials and strategy to create a business plan before he started.
His early days on the job were “rough,” he said, with unpaid claims piling up in one storeroom, and enough empty space on another floor to set up a volleyball tournament.
“We had just under $300 million of premium then for the total company, and no profits,” he said. “We were not making any money.”
One of the first things Suquet did was to ask ratings agencies, which were “knocking on the door to downgrade us,” for time to make changes. Then he began selling underperforming U.S. assets that were expensive to operate and required massive scale to be profitable.
These included a compliance-heavy broker dealership, a disability insurance business, and a product designed to cover funeral costs.
The insurer also got out of the real estate business, selling its headquarters building in 2006 and the InterContinental next door in 2013. The company now leases only two floors of the office tower that bears its name.
“We didn’t want to have 60% of our capital tied up in two buildings in the path of hurricanes,” Suquet said.
While Pan-American was making these changes, it also was reinvesting in Latin America — a largely untapped market that has been growing rapidly in recent years and shows no signs of slowing down.
It expanded in the region through a 2012 acquisition of MetLife assets in multiple countries, and it focused its efforts on existing in business in Colombia, where premiums grew from $1 million annually two decades ago to $200 million this year.
“We modernized it, invested in it and got a professional CEO down there,” Suquet said. “It’s been like that with every country we’re in.”
PALIG today
Pan-American is much bigger and more decentralized today than it was when Suquet arrived.
The company sells employee benefits and group insurance to a “who’s who” of American and international companies, including Walmart, Amazon, Dell and Microsoft — many of whom use Panama or Costa Rica as a hub for their operations in Latin America.
In 2004, the company had 500 employees in New Orleans and an additional 300 worldwide. Now it has over 300 in Louisiana plus another 300 across the U.S. The rest of its workforce is located in Panama, Costa Rica, Colombia and other countries.
Suquet said the company’s goal is to bring in more in premiums than it pays for claims and administration costs, while investing the money it collects in safe assets to generate additional income.
“As long as you manage the risk parameters on your investments, you’re going to do OK,” he said. “Ninety-seven percent of ours are in investment-grade corporate bonds. It’s not very exciting, but you don’t want to be exciting in insurance.”
These days, as three company presidents manage day-to-day operations, Suquet takes the long view, planning for the risks and opportunities created by the rise of artificial intelligence, ever-changing political landscapes and other factors.
“In our footprint, we have hurricanes, volcanoes, changing weather patterns, government turmoil, coups and everything imaginable,” Suquet said. “We’re always going to have the macro issues, whether they’re government inflicted, technology or catastrophes.”
He’s also setting ambitious goals.
It took Pan-American a little over a century to reach its first billion-dollar year — a milestone met in 2016 — and an additional decade to double that number. Suquet said he’s challenged his senior leadership team to hit the $3 billion mark within five years.
And at a time when a company like Pan-American could be headquartered anywhere, Suquet said he and his fellow leaders are resolute about keeping the business in the city where it all began.
“There’s just absolutely no reason to explore any other options,” he said. “We have a rich history here, and our costs would go up dramatically if we moved.”
Life insurers are competing for access to customers approaching retirement as population aging and changing pension systems increase demand for financial advice and reshape distribution channels.
A new report from the Swiss Re Institute examines how insurers, independent advisers, banks and digital platforms compete to reach customers and influence their financial decisions.
More than 4 million Americans are expected to turn 65 each year for most of this decade, said James Finucane, head of life and health economic research at Swiss Re. At the same time, more retirees must manage their own savings and decide how to turn them into income that can last throughout retirement.
“The big change is demographics and population aging,” Finucane said. “Back in 2010, about one in eight Americans was age 65 or older, and today it’s about one in five, and that number is continuing to grow.”
These changes are creating demand for solutions addressing retirement income, long-term care and wealth transfers. For insurers, reaching customers before they retire is becoming increasingly important as they make decisions that can affect their financial security for decades.
Advisers remain central
Independent intermediaries distribute about 60% of individual life insurance business in the United States, an increase of more than 8 percentage points since 2019, according to Swiss Re. In France, banks account for roughly two-thirds of life insurance premiums.
The differences reflect how local markets and established customer relationships shape life insurance distribution. The report does not identify one model as dominant across all markets.
Finucane said the growing share of independent intermediaries reflects several factors, including technology, consolidation and demographic changes. Insurers are using a wider range of channels to reach customers, rather than relying on a single distribution model.
The report identifies people ages 50 to 65 as an important group for insurers to reach. Decisions about retirement income, wealth transfers and long-term care often need to be made before those needs arise.
Three areas stand out for life insurers: converting savings into retirement income, preparing for potential long-term care costs and planning how wealth will pass to beneficiaries. Annuities, long-term care insurance and hybrid products can address different parts of those needs, Finucane said.
The shift also changes the role life insurance can play in retirement planning. While traditional life insurance provides financial protection against a policyholder’s death, insurers are also positioned to help address longevity risk, or the possibility that someone will outlive their savings.
That makes early engagement important, Finucane said. Customers approaching retirement may need to consider several financial risks before they become immediate concerns, including how long their savings must last and whether they can cover future care expenses.
Consolidation shifts bargaining power
Distribution is also changing as intermediaries expand through acquisitions.
In the United States, three private equity-backed independent marketing organizations completed more than 300 publicly announced acquisitions involving distribution businesses between 2017 and 2025, according to Swiss Re.
Larger distributors can spread technology and compliance costs across more operations. Their scale can also strengthen their negotiating position with insurers, the report said.
Finucane said consolidation can create economies of scale while making intermediaries increasingly important as a route to customers.
For insurers, this puts added emphasis on maintaining relationships across distribution channels. The Swiss Re report identifies product differentiation, underwriting and service capabilities as factors that can help carriers secure distribution access.
The trend does not mean insurers can rely on one channel to reach every customer. Distribution structures vary by market, and the report points to the importance of positioning products through the channels that influence customers’ financial decisions.
Technology changes the equation
Digital tools and artificial intelligence are changing how insurers and intermediaries engage customers, process applications and provide ongoing service.
Swiss Re reviewed 197 publicly reported AI and technology initiatives announced by leading global life insurers and selected intermediaries from 2022 through 2026.
The report found the largest concentration of initiatives in customer engagement and servicing, followed by advice and quotation.
Finucane said AI and digital tools are increasingly handling routine tasks such as gathering customer information, comparing products and processing applications. That can give advisers more time to focus on decisions that require human judgment and trust.
Retirement planning is one area where that distinction matters. Customers may need to weigh income, savings, care costs and inheritance plans, which can involve interconnected financial decisions rather than a single product purchase.
Technology may also change how insurers compete for customer relationships. It could help independent intermediaries serve more customers, while giving insurers new ways to communicate directly with policyholders.
Finucane said the effect of AI on distribution remains uncertain. “You could imagine a scenario where technology continues the trend of independent intermediaries growing their share of the market, but there are also cases where carriers are able to use AI to boost direct sales as well,” he said.
He added that it remains to be seen whether AI reinforces existing distribution trends or creates new ones.
For insurers preparing for the next wave of retirees, Finucane said product innovation, particularly in annuities, and a multichannel approach will be important. Carriers will need to maintain relationships with affiliated distribution while also building connections with independent networks.
The report argues that insurers’ competitive position will depend not only on the products they offer, but also on whether they can reach customers when important financial decisions are being made.
and Jackson Fixed Index Accumulation
