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Pan-American Life Center Sold.

Insurer Signs Long-Term Lease to Remain in New Orleans

NEW ORLEANS -- Pan-American Life Insurance Company has announced the sale of the Pan-American Life Center at 601 Poydras Street to Equastone, a California real estate company.

Pan-American Life, celebrating its 95th anniversary in New Orleans this year, has signed a long-term lease to remain in the building and keep its International Headquarters in the city.

"The building was not formally on the market," said Pan-American CEO Jose Suquet. "Equastone took the initiative to explore possibilities in the recovery of the New Orleans area and decided they wanted to be a participant in the process. They have a proven record of success and are exploring other investment opportunities in the city as well."

Suquet pointed out that, for Pan-American, the decision to sell was essentially a decision to restructure the company's balance sheet, making an already financially strong insurance company even stronger. The move also fits in with the company's continuing strategy of focusing exclusively on its core business. The decision was unanimously supported by Pan-American's Board of Directors.

Our partnership interest in the InterContinental Hotel, adjacent to the Pan-American Life Center, was not part of the sale and will remain one of Pan-American's real estate investments. The company will continue to invest, in conjunction with InterContinental Hotel Group (ICH), in maintaining the property and is pleased with the recovery of the business since Hurricane Katrina.

"We welcome Equastone to the New Orleans business community," said Suquet. "They have been introduced to our political leadership, and the company has shown that they will be a long-term positive and professional influence on our local economy."

About Pan-American Life Insurance Company

New Orleans-based Pan-American Life has been a leading international insurance company for more than 90 years. Founded in 1911, Pan-American employs more than 800 worldwide, providing its top-rated life and health insurance, worksite benefits and financial planning products in 43 states, the District of Columbia (DC) and Puerto Rico. Its international operations, offering life and group health insurance throughout Latin America, includes affiliates in Panama, Guatemala and Colombia, and branch offices in Ecuador, El Salvador and Honduras.
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Publication:Business Wire
Date:Dec 26, 2006
Words:354
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