MOYLAN’S Insurance Underwriters International, Inc. has bought Pacific Financial Corp.’s insurance business on Saipan for an undisclosed amount.
But Tamara H. Talalemotu, general manager of Moylan’s on Saipan, said the insurance company did not buy PFC’s consumer lending business.
The purchase deal included auto, home, fire and all other insurance services which, according to Talalemotu, are the bulk of PFC’s business on Saipan.
“We bought the insurance department, which is the bulk of their business. Moylan’s head office on Guam purchased (PFC’s) bulk of business there, and part of that purchase is the Saipan (business),” said Talalemotu.
The purchase took effect in February, she added.
Edward W. Camacho, Pacific Financial’s vice president and Saipan branch manager, declined to comment.
Camacho earlier said PFC was “downsizing” its operations on Saipan and Guam due to the current “depressed economy.”
PFC is “not closing doors” on Saipan, he added.
As a result of the business purchase, Moylan’s now has a second Saipan office at Cabrera Center in Garapan.
“We’re treating it as a sort of branch office. We have our main office, and we have our PFC branch,” said Talalemotu.
