Calvo Enterprises to acquire Tokio Marine Pacific Insurance
HAGÅTÑA, Guam—Calvo Enterprises, Inc., doing business in Guam since 1975 and parent company of the Calvo family conglomerate, including Calvo’s Insurance Underwriters, Inc. (CIU), announced yesterday that it has reached an agreement to acquire Tokio Marine Pacific Insurance Limited, a well-established insurance company headquartered in Guam since 1968. Through its general agent CIU, TMPI 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.
Paul A. Calvo, president and CEO of CIU and vice president of CEI, said, “This announcement comes at a special time when Calvo’s Insurance is celebrating its 85th anniversary. 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.”
Leonard P. Calvo, chairman and president of CEI, 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.”
TMPI president and CEO Yutaka Majima noted that 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. We are committed to working together on a smooth transition to benefit our customers and stakeholders,” Majima said.
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. They won’t see any interruptions during the transition,” he said. “It is our intention to keep all TMPI employees under the new ownership.”
The transaction is expected to close in the second half of 2023. For more information about the acquisition, visit calvos.com. (PR)
Calvo Enterprises, Inc., the parent company of the Calvo family conglomerate, including Calvo’s Insurance Underwriters, Inc., has reached an agreement to acquire Tokio Marine Pacific Insurance Limited, a well-established insurance company headquartered in Guam since 1968.
-CONTRIBUTED PHOTO
