Life insurance giant PALIG calls decision to invest in Trinidad and Tobago "a fantastic opportunity"
Pan-American Life Insurance Group (PALIG) is a financial services firm that has dominated the life and health insurance sectors in the southern hemisphere for over 100 years. With a steady track record for strong leadership and growth-oriented management, PALIG has earned a reputation for trustworthy insurance services delivery worldwide.
On December 14, 2012, PALIG announced its plans to open a corporate hub in the growing knowledge markets of Trinidad and Tobago. PALIG’s multi-million dollar investment is the second of its kind in just four short months: in August 2012, global retail bank Scotiabank also announced its plans to expand into the rapidly growing region.
PALIG’s entrance into the Trinidadian market was facilitated by the Trinidad and Tobago International Financial Centre (TTIFC), a government agency that serves global corporations and investors looking for assistance with relocation and entry into the Trinidadian market. While invesTT works with economic development partners from a diverse group of industries, TTIFC focuses exclusively on the financial services sector.
TTIFC is also facilitating the Financial Institution Support Services (FINeSS ) program, a government-led team of economic development experts tasked with diversifying the economy through the financial services sector. FINeSS was designed to develop an industry in Trinidad and Tobago that supports the outsourcing and consolidation of middle and back-office processing for financial institutions with both regional and international locations.
TTIFC chairman Franco Siu Chong referenced Trinidad’s growing pool of professional service workers in his welcome message to PALIG. “Pan-American Life’s entrance validates the TTIFC’s continued thrust to generate sustainable employment for our knowledge workers,” he said. “The success of financial institutions like Pan-American Life is also Trinidad and Tobago’s success.”
Miguel Sierra, PALIG’s CEO for Caribbean Operations, echoed Chong’s statement. “The establishment of the hub in Trinidad and Tobago is a fantastic opportunity to support the delivery of high-value insurance products to our customers in the Trinidad and Tobago regions.&rdquo
To read more about Trinidad’s growing financial services sector, visit TTIFC’s website here http://www.ttifc.co.tt/.
PHOTO CAPTION: The PALIG executive is pictured here with a smiling Minister of Trade, Industry and Investment Vasant Bharath (standing 2nd from left) and Larry Howai, Minister of Finance (standing far right). Pan-American Life Insurance Group's president and CEO Jose Suquet (not in photo) praised Trinidad and Tobago's "serious and sophisticated business community" which, he said, "is very important for a company that wants to invest capital in a country."