NEW ORLEANS—(September 15, 2005) — In less than three weeks after all employees were forced to evacuate New Orleans by Hurricane Katrina and flooding, Pan-American Life has achieved “mostly normal” operations by implementing a comprehensive recovery plan from a series of remote locations. Just prior to the disaster, the New Orleans-based company, a leading international insurance underwriter for more than 90 years, employed 464 people at its flagship headquarters building in downtown New Orleans.
“Although many of our employees have endured great personal hardships, our company is healthy and is maintaining progress toward all important strategic objectives,” said José Suquet, President and CEO of Pan-American Life. “Our business continuity plan is working, our financial condition is strong, and our ability to process business is increasing with each day. We are looking forward to returning to New Orleans and helping our city rebuild."
Even before Katrina, Pan-American Life took serious the threat of natural disaster. Well in advance of the storm, the company’s senior management team worked closely with systems and telecommunications professionals to fully back up all systems and establish redundant operations from a remote location in Dallas. As a result, the company maintained the integrity and security of all critical data, including policyholder files and corporate financial records.
Within 48 hours after Katrina’s impact, Pan-American Life reestablished communications supporting its operations in seven countries of Central and South America. Later that same week, the company reactivated administrative services for its domestic U.S. Individual Insurance, Worksite and International Dollar operations.
The company also reported the following positive developments:
- The regular toll-free customer service number (877-939-4550) has been re-routed and is fully staffed for purposes of meeting customers’ service requests and processing all claims. Customers may wish to stay abreast of further developments on the Web at: www.panamericanlife.com. Employees can contact us by e-mail through palichr@yahooo.com.
- Most of the company’s employees have been located and all are currently being paid, primarily through direct deposit. Remaining employees are urged to call the toll-free service number above.
- The company has a fully operating underwriting unit working in temporary office space in Dallas, along with other administrative services for its Individual Insurance, International Dollar, and Worksite units. This enabled new life insurance business processing to resume within days after the disaster. Through an arrangement with Computer Sciences Corporation (CSC)., the company has secured a state-of-the-art temporary facility for its operations in Dallas.
- Pan-American Life employees also are working in remote locations in Baton Rouge and Mandeville, LA, to maintain financial operations, sales support, marketing and product management. The investment management staff is fully operational from an office in Houston. The firm’s securities broker-dealer units are working from existing offices in Valley Forge, PA, and West Palm Beach, FL.
- E-mail communications have been re-established among all units of the company and its multi-country sales network, in both English and Spanish languages.
- The company is conducting regular communications with e-mail and teleconferencing with its network of general agencies and agents, working in the U.S. and abroad, and commission payments to agents are being processed on the normal schedule.
- The damage to the company-owned headquarters, the 28-story Pan-American Life Center, which includes the Intercontinental Hotel, is considered minimal. Insurance adjusters have been onsite and repairs to the buildings have begun.
- The company has established the Pan-American Life Employee Katrina Fund as a non-profit charitable organization. Contributions are tax-deductible and 100% will be used to help company employees who have suffered severe hardships. Donations by check, payable to the Pan-American Life Employee Relief Fund, may be sent to P.O. Box 539006, Grand Prairie, TX 75053-9006.
For more information, insurance policyholders and agents may call the company’s fully-staffed hotline M – F from 8:00 am to 5:00 pm CST at 877-939-4550. For media inquiries: Please call Tom Richert at 504-813-2326. Or e-mail: trichert@panamericanlife.com