Pan-American Life Insurance Group announces acquisition of Hola Doctor Inc.
Pan-American Life Insurance Group (PALIG) today announced that it has acquired Hola Doctor Inc. (HolaDoctor), the leading digital provider of health and wellness solutions for Hispanic audiences. The acquisition is a significant strategic initiative by PALIG that both expands its presence in the U.S. Hispanic market and strengthens its position as a healthcare leader in Latin America. Terms of the deal were not disclosed.
“We are excited to welcome HolaDoctor to the Pan-American Life Insurance Group family,” said José S. Suquet, Chairman of the Board, President and Chief Executive Officer of Pan-American Life Insurance Group. “As a leading insurance provider to Hispanics focused on improving the wellness of our members, PALIG is accelerating our growth strategy in the U.S. Hispanic market by integrating an organization with a proven track record of more than 15-years providing health and wellness solutions to the same audiences.”
“Pan-American Life’s proven financial strength, strong record of profitable growth and focus on Latin America and the Caribbean, combined with HolaDoctor’s comprehensive Spanish-language health-and-wellness content library and programs will enhance PALIG’s offering of wellness and health-risk-assessment tools for our clients and make our offering more attractive to employers in Latin America and U.S. companies that employ a large number of Hispanics,” said Mr. Suquet.
“HolaDoctor’s digital marketing operation and insurance brokerage unit, which specializes in health insurance exchange products, provides PALIG with a new distribution channel to reach underserved Hispanic individuals and Hispanic-owned small businesses; and complements our existing producer network in the United States. In addition, nearly 75 percent of the traffic to HolaDoctor’s web properties originates in Latin America, a key market for PALIG,” he added.
The resources developed by HolaDoctor will also help PALIG to create more meaningful interactions with its members and improve the wellness of policyholders by educating them about the importance of adopting a healthy lifestyle and promoting both the early detection and proactive management of chronic illnesses. In addition, HolaDoctor’s consumer-directed websites have a combined audience of nearly 2.5 million unique monthly visitors and a strong social media presence, including its Facebook page with more than 600,000 followers.
“We are excited about joining the Pan-American Life Group family. We believe that PALIG’s and HolaDoctor’s current operations are highly complementary and provide a great opportunity to fast track HolaDoctor’s growth across the Americas,” said Roberto Estrada, co-founder, Chairman and CEO of HolaDoctor.
“By joining Pan-American Life Group, HolaDoctor will be able to draw on PALIG’s expertise in the insurance market and its financial strength to expand our individual and Hispanic-owned small business insurance marketing and brokerage operations, as well as extend our reach to other important Hispanic communities outside the states HolaDoctor currently serves,” said Mr. Estrada.
Over time, PALIG will be able to develop individual life, accident, and health insurance products tailored to the U.S. Hispanic market that can provide complementary benefits to those products already offered through HolaDoctor’s insurance brokerage unit.
“This acquisition is in line with PALIG’s new five-year strategic plan, which was approved by our Board in May 2017. The launch of the new strategic plan was accelerated because we achieved the financial objectives of the 2014-2018 plan two years ahead of schedule. We will continue to explore strategic market opportunities that align with the five areas of concentration of our plan, including: serving the U.S. Hispanic Market; Digital Insurance; Reaching Underserved Markets; Wellness; and Accident & Health. Also with the addition of HolaDoctor, we continue to position PALIG as a healthcare leader in the Latin American countries in which we operate,” said Mr. Suquet.
HolaDoctor will operate as a wholly owned subsidiary of Pan-American Life Insurance Group with a significant level of independence, although teams from both organizations will share expertise, product assets, and resources to grow the business. The acquisition is not expected to affect employment at Pan-American Life or HolaDoctor.
The acquisition has been approved by the boards of directors of both HolaDoctor Inc. and Pan-American Life, as well as HolaDoctor’s shareholders.