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I am pleased to inform you that Mutual Trust Life Insurance Company will be merged into Pan-American Life Insurance Company (PALIC) as a fully integrated division named Mutual Trust Life Solutions. Both Pan-American Life Insurance Company and Mutual Trust are U.S. life insurance subsidiaries of Pan-American Life Insurance Group.
The first step in this process will entail a re-domestication or change in corporate domicile of Mutual Trust Life Insurance Company from Illinois to Louisiana, where Pan-American Life Insurance Company is domiciled and headquartered, followed by a merger of the two entities.
During and after the merger, Mutual Trust will continue to operate from its existing offices in Oak Brook, Illinois, with the same distribution channels and product portfolio. Please be assured that this transaction does not change our relationship with you, or your agent contract with us, nor will it impact the policy terms or coverage for policyholders.
The merger is subject to regulatory approvals, and we expect it to be finalized by December 31, 2022. Until then, the two companies will continue to operate independently.
When the merger is complete, products currently marketed by Mutual Trust Life Insurance Company will be marketed by Mutual Trust Life Solutions and will be issued on Pan-American Life Insurance Company paper. The product features and availability will not change. No changes will be made to in-force policies as a result of this.
The division’s marketing name will become Mutual Trust Life Solutions. This name preserves the Mutual Trust brand, well recognized in the U.S. independent producer marketplace, and exemplifies our mission to provide life insurance solutions for you and your clients. Combining the two life insurance companies will create a larger organization with greater financial strength, a sterling ratings profile, an improved Risk-Based Capital (RBC) ratio – a key metric of financial strength used by the ratings agencies – and enhanced growth opportunities.
Our commitment to whole life products remains firm, as is our commitment to working closely with you to meet the needs of your clients. As we move through this process, we will keep you informed and will be posting updates and important information via email and to the agent website.
We hope you share our excitement in looking forward to the new opportunities ahead, as this merger allows you to partner with an even stronger organization, well positioned to continue delivering products and services that provide superior value for your clients.
Sincerely, |
