Insurance company Algico has been renamed following its acquisition by United States-based Pan-American Life Insurance Group.

The new owners renamed Algico on Wednesday at an event in the penthouse of what was known as the company's Algico Plaza offices at St Vincent St, Port of Spain.

The newly renamed company is called Pan-American Life Insurance Company of Trinidad and Tobago.

President and chief executive officer of Pan-American Life Insurance Group Jose Suquet flew in from the company's headquarters in New Orleans, USA, to meet, senior executives and management and staff of the local company.

The company has changed its top three executive management positions, Suquet told the Express in an interview Wednesday.

The senior management team in Trinidad and Tobago is lead by Miguel Sierra, chief executive officer and managing director of the Caribbean, Jacinto Martinez, vice president and regional director of agencies, and Varuna Kuarsingh, vice president and regional chief financial officer.

On August 2 Pan-American Life Insurance Group (PALIG) purchased the assets of MetLife – Alico and Algico in Trinidad and Tobago, the Cayman Islands, Costa Rica, Panama and St Lucia.

This purchase solidified the Group's strategy to become one of the leading life and health insurance providers in the Americas, company executives said.

Suquet said customers would benefit by being insured by a company that has a strong asset base and is focused on life and health policies, an expanded footprint in the Caribbean and 100 years of experience.

The acquisition of Caribbean insurance assets will generate about US$75 million in revenues for the company, Suquet said.

The acquisition now brings the local company's total sales force to 265 agents and managers and 240 employees and its worldwide workforce base to 1,300 employees and 3,000 agents and managers.