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Pan-American Life Insurance Group (PALIG) has acquired HolaDoctor, a digital provider of health and wellness solutions for Hispanic consumers.
The acquisition is a significant strategic initiative by PALIG that both expands its presence in the US Hispanic market and strengthens its position as a healthcare leader in Latin America, according to the statement.
The company stated that the acquisition is in line with its five-year strategic plan. PALIG plans to develop individual life, accident and health insurance products tailored to the US Hispanic market that can provide complementary benefits to those products already offered through HolaDoctor's insurance brokerage unit.
"We are excited to welcome HolaDoctor to the Pan-American Life Insurance Group family," said José S. Suquet, chairman of the board, president and CEO of PALIG. "As a leading insurance provider to Hispanics focused on improving the wellness of our members, PALIG is accelerating our growth strategy in the US Hispanic market by integrating an organization with a proven track record of more than 15-years providing health and wellness solutions to the same audiences.
"Pan-American Life's proven financial strength, strong record of profitable growth and focus on Latin America and the Caribbean, combined with HolaDoctor's comprehensive Spanish-language health-and-wellness content library and programs will enhance PALIG's offering of wellness and health-risk-assessment tools for our clients and make our offering more attractive to employers in Latin America and US companies that employ a large number of Hispanics."
Suquet added: "HolaDoctor's digital marketing operation and insurance brokerage unit, which specializes in health insurance exchange products, provides PALIG with a new distribution channel to reach underserved Hispanic individuals and Hispanic-owned small businesses; and complements our existing producer network in the United States. In addition, nearly 75 percent of the traffic to HolaDoctor's web properties originates in Latin America, a key market for PALIG."
Roberto Estrada, co-founder, chairman and CEO of HolaDoctor, commented: "By joining Pan-American Life Group, HolaDoctor will be able to draw on PALIG's expertise in the insurance market and its financial strength to expand our individual and Hispanic-ownedsmall business insurance marketing and brokerage operations, as well as extend our reach to other important Hispanic communities outside the states HolaDoctor currently serves."
Suquet concluded: "This acquisition is in line with PALIG's new five-year strategic plan, which was approved by our Board in May 2017.[...] with the addition of HolaDoctor, we continue to position PALIG as a healthcare leader in the Latin American countries in which we operate."
Pan-American Life Insurance Group, HolaDoctor, Health insurance, M&A, US