New Orleans-based Pan-American buying life insurance business from Ohio firm

New Orleans-based Pan-American Life Insurance Group is acquiring Encova Life Insurance Company, the life insurance arm of Encova Mutual Insurance Group of Columbus, Ohio, the companies announced Monday.

The deal's purchase price was not disclosed, but it should add $60 million to Pan-American's annual revenue haul, including $38 million in insurance premiums from 82,000 policies, according to a news release. It should also boost Pan-American's total assets by $600 million.

The firms said policyholders should not expect changes to their coverages once the merger is formally completed by the end of this year. The deal has already been approved by the boards at Encova and Pan-American.

"This acquisition is aligned with our U.S. growth strategy and demonstrates our commitment to the U.S. market and to our whole life business," José Suquet, Pan-American Life Insurance Group's chairman and CEO, said in a statement.

Pan-American employees 2,100 people around the world and offers life, accident and health insurance policies in the U.S., Latin America and the Caribbean. It is headquartered on Poydras Street.