{"id":397167,"date":"2023-08-10T14:00:00","date_gmt":"2023-08-10T14:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=397167"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Calvo-Enterprises-to-acquire-Tokio-Marine-Pacific-Insurance","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Calvo-Enterprises-to-acquire-Tokio-Marine-Pacific-Insurance\/","title":{"rendered":"Calvo Enterprises to acquire Tokio Marine Pacific Insurance"},"content":{"rendered":"<p><strong>HAG\u00c5T\u00d1A, Guam<\/strong>\u2014Calvo Enterprises, Inc., doing business in Guam since 1975 and parent company of the Calvo family conglomerate, including Calvo\u2019s 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\u2019s 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.<\/p>\n<p>Paul A. Calvo, president and CEO of CIU and vice president of CEI, said, \u201cThis announcement comes at a special time when Calvo\u2019s 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.\u201d<\/p>\n<p>Leonard P. Calvo, chairman and president of CEI, added, \u201cAs we embark on this exciting journey, we are committed to building upon TMPI\u2019s legacy of excellence while delivering superior service to our clients.\u201d<\/p>\n<p>TMPI president and CEO Yutaka Majima noted that Calvo\u2019s Insurance is the ideal successor in the region. \u201cWe are confident that our customers will enjoy the consistency of service when TMPI becomes part of Calvo\u2019s legacy of trust. We are committed to working together on a smooth transition to benefit our customers and stakeholders,\u201d Majima said.<\/p>\n<p>Frank J. Campillo, Health Plan administrator for Calvo\u2019s SelectCare, agreed that TMPI\u2019s existing policyholders can expect a coordinated transition. \u201cThe name of the company will change to Calvo\u2019s SelectCare Insurance, but health insurance customers, policyholders, and stakeholders can continue to count on the excellent service standard and product range they\u2019ve known for decades. They won\u2019t see any interruptions during the transition,\u201d he said. \u201cIt is our intention to keep all TMPI employees under the new ownership.\u201d<\/p>\n<p>The transaction is expected to close in the second half of 2023. For more information about the acquisition, visit <a href=\"http:\/\/calvos.com\" target=\"_blank\">calvos.com<\/a>. <strong><em>(PR)<\/em><\/strong><\/p>\n<figure style=\"width: 480px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/www.saipantribune.com\/wp-content\/uploads\/images\/imgupload\/705d842ee78eca4998721e2f880ec98c.jpg\" width=\"480\" height=\"360\" \/><figcaption class=\"wp-caption-text\"><\/p>\n<p>Calvo Enterprises, Inc., the parent company of the Calvo family conglomerate, including Calvo\u2019s Insurance Underwriters, Inc., has reached an agreement to acquire Tokio Marine Pacific Insurance Limited, a well-established insurance company headquartered in Guam since 1968.<\/p>\n<p>-CONTRIBUTED PHOTO<br \/><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>HAG\u00c5T\u00d1A, Guam\u2014Calvo Enterprises, Inc., doing business in Guam since 1975 and parent company of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-397167","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/397167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=397167"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/397167\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=397167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=397167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=397167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}