Pan-American Life Insurance Group has launched a new member company, Pan-American Benefits Solutions, a provider of group benefits programs.

New Orleans, La.-based Pan American Benefits Solutions offers limited medical group benefits in the U.S.

The new company’s products include PanaMed, a limited benefit plan paying a fixed benefit amount to cover the cost of common medical services, and CommonSense, an offering between limited medical plans and major medical coverage, the company said.

Pan-American Benefits Solutions caters to service industries – including healthcare professionals such as nurses, hospital and medical clinic employees– and those in the hospitality, transportation, construction and agriculture industries, among others.

“Pan-American Benefits Solutions offers options without sacrificing quality,” said John Foley, senior vice president of domestic markets, in a statement. “Our group benefit programs are uncomplicated, with products and services that are easy to use and understand, providing affordable coverage for the times when it is needed most. In 2010 we expect to have a full array of services and benefits including dental and vision coverage and access to affordable prescription medicine.”