CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'A' Insurer Financial Strength (IFS) rating of Pan-American Life Insurance Company (PALIC) and its wholly owned subsidiary, Pan-American Assurance Company (PAAC), collectively referred to as Pan-American. The Rating Outlook is Stable. Pan-American Life Insurance Group (PALIG) and Mutual Trust Financial Group (Mutual Trust), jointly announced yesterday a definitive merger agreement to combine Pan-American and Mutual Trust Holding Company (