Pan-American Life Insurance Co. reports $4.5M loss in 2005

New Orleans CityBusiness, Mar 20, 2006 by CityBusiness Staff Report

Pan-American Life Insurance Co. today reported a net loss of $4.5 million for 2005, despite revenues of 2005 revenues of $242.3 million. This includes a $5.2 million business recovery expense related to Hurricane Katrina and a one-time restructuring charge of $9.4 million. Pan-American Life Insurance Company ended 2005 with a strong sense of pride and accomplishment, said Jose S.

Suquet, president and CEO. After facing one of the biggest natural disasters in United States history, we emerged stronger and strategically positioned for a groundbreaking road ahead.Highlights for Pan-American in 2005 include the sale of Pan-American Financial Advisors, what it defined as a non-core businesses. FSC Securities Corp. of Atlanta absorbed PAFA's 130 advisors, part of a 38-percent employment reduction at Pan-American. The company started ended the year with 347 employees after starting with 481.Pan-American also reported and increase in collected premiums by 22 percent over 2004 levels and a 1-percent increase in total sales. The company also completed a $50-million private placement surplus note, increasing adjusted surplus to $287 million from $247 million in 2004.