ALICOAmerican Life Insurance Company
ALICOAIG Life Insurance Company One (Wilmington, DE)
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This is an exciting time for us," said Mario Valdes, General Manager, MetLife Gulf Operations, "Alico's strong brand equity and value is what initially made us maintain the Alico name in 2010, and now as MetLife's brand awareness has grown stronger, it is the time to move to a single brand, in line with our strategy.
As per the SPA, IGI will buy ALICO's remaining shareholding in ALICO Pakistan (representing approximately 12.
The acquisition of Alico Pakistan accelerates IGI's growth strategy and marks IGI's entry into life-insurance and employee benefits business.
The central bank of Ireland has fined Alico Life International Ltd for breaches of the insurance act 1989.
The acquisition of Alico from AIG not only helped raise MetLife's market cap to $34 billion, but also facilitated access to the Middle East region, which offers very attractive growth opportunities.
The move will see MetLife Alico and Mashreq Bahrain tap into the market opportunity that Bahrain offers.
While the policies that Aflac and MetLife Alico sell are considered to be life insurance, these supplemental health policies are, on a regulatory basis, considered neither pure life insurance nor property/casualty, according to Steven Schwartz, an equity analyst with Raymond James in Chicago.
But early 2009, when MetLife began mulling the Alico acquisition, was a sobering time.
In conversation with Gulf News, William Mullaney, president of US business at MetLife, and Michel Khalaf, CEO of Middle East, Africa and South Asia at Metllife Alico, provide an insight into what's in store.
For MetLife, the largest publicly traded US life insurer, Alico would help expand its presence in international markets.
According to Alico Japan, around half of the premiums paid by policyholders were managed in foreign currency-denominated securities and the value of the premiums sharply decreased amid the yen's rapid appreciation after the subprime loan crisis in the United States in the summer of 2007.
Additionally, in the letter agreement, Alico agreed to take reasonable and appropriate actions to slate and support the election to its Board of Directors of an individual proposed by ABT.