By Pacific Island Times News Staff
Calvo Enterprises today announced that it has reached an agreement to acquire Tokio Marine Pacific Insurance Limited for an undisclosed amount.
The transaction is expected to close in the second half of 2023. =
Established in 1975, Calvo Enterprises is the parent company of the Calvo family conglomerate, including Calvo’s Insurance Underwriters Inc. Tokio Marine was formed in 1968.
Through its general agent Calvo’s Insurance, Tkio Marine has been the underwriter of the Calvo's SelectCare Health Plan since its inception. This strategic move marks a significant milestone for CIU to further expand its market presence and strengthen its commitment to providing world-class regional insurance services.
"This announcement comes at a special time when Calvo’s Insurance is celebrating its 85th anniversary," said Paul A. Calvo, president and CEO of Calvo's Insurance and vice president of Calvo Enterprises.
“The acquisition of TMPI further solidifies our position as a trusted leader in the insurance industry and reinforces our dedication to providing tailored insurance solutions to meet the evolving needs of our customers," he added.
Leonard P. Calvo, chairman and president of Calvo Enterprises, added, "As we embark on this exciting journey, we are committed to building upon TMPI's legacy of excellence while delivering superior service to our clients.”
ADVERTISEMENT
Yutaka Majima, president of Tokio Marine, said Calvo’s Insurance is the ideal successor in the region.
“We are confident that our customers will enjoy the consistency of service when TMPI becomes part of Calvo’s legacy of trust," Majima said. "We are committed to working together on a smooth transition to benefit our customers and stakeholders.”
Frank J. Campillo, Health Plan administrator for Calvo’s SelectCare, agreed that TMPI's existing policyholders can expect a coordinated transition.
“The name of the company will change to Calvo’s SelectCare Insurance, but health insurance customers, policyholders, and stakeholders can continue to count on the excellent service standard and product range they’ve known for decades," he said.
"They won’t see any interruptions during the transition It is our intention to keep all TMPI employees under the new ownership," Campillo added.
Subscribe to
our digital
monthly edition