Iowa Insurer Gets License to Operate in Mexico
DES MOINES, Iowa (AP) _ The Principal Financial Group said Tuesday that its international subsidiary has received the first new foreign license issued by Mexican insurance authorities in more than 50 years.
Principal International Inc.’s venture with the Mexican broker, Servicios Especiales Profesionales, will create a new company - Principal Internacional, S.A., Cia. de Seguros, to be based in Mexico City. Principal Internacional will sell group and individual life insurance and pensions.
Jan Jobe, president of Principal International said the venture demonstrated Mexico’s willingness to open its financial markets.
The Mexican venture represents Principal International’s second international venture, and there are plans to form a new company in Indonesia in 1994. The company also is in the process of opening an office in Russia.
The Principal, based in Des Moines, has more than $41 billion in assets.