Puerto Rico – A Domicile on the Move
Rob Walling

Puerto Rico – A Domicile on the Move

Rob Walling November 30, 2016 Posted in: Blog Posts, Alternative Markets, Captives

During the first week of November my colleague, Arthur Randolph, and I had the opportunity to visit a number of the key service providers in Puerto Rico and experience firsthand the dynamic activity of this captive insurance domicile.

Meeting with Rubén Gely-Rodríguez, Director of the International Insurers and Reinsurers Division of the Office of the Commissioner of Insurance of Puerto Rico (OCI), and two of his analysts reinforced our impression of Puerto Rico as a strong, NAIC-accredited regulator with staff that is knowledgeable about international insurers. The Commissioner of Insurance, Angela Weyne, reiterated the OCI’s commitment to the international insurance sector.

On the day we met with the San Juan office of leading audit firm BDO, one of the leaders of their Cayman office happened to be staying in the same hotel as us. This struck me as symptomatic of the increased activity level service providers are witnessing in Puerto Rico. Auditors like EY, RSM and BDO are all active in the Puerto Rico international insurance sector.

Advantage Insurance Services (Advantage) recently opened their new Puerto Rico office, positioning them to grow their two Puerto Rico life insurance companies and their new international property/casualty insurer.

The week concluded with the Captive Alternatives Annual Conference. Captive Alternatives is focusing on their Puerto Rico-domiciled international insurer, MadRE, which has scores of protected captives (PCs) and is expecting to add many new ones during December 2016.

Our sincere thanks to Rubén A. Gely, Jr., of Advantage and the Puerto Rico International Insurers Association (PRIIA), for his valuable assistance in arranging meetings for us.

For more information on the potential benefits of the Puerto Rico captive domicile, check out my article in Captive Review.

Rob Walling is a Principal and Consulting Actuary with Pinnacle Actuarial Resources, Inc. and has been in the insurance industry since 1989, consulting since 1997. He is focused on commercial lines ratemaking and product development, actuarial studies for captives and self-insureds, commercial lines loss reserving, legislative costing, litigation support, regulatory consulting and expert testimony. Mr. Walling is a Fellow of the Casualty Actuarial Society (CAS), a Member of the American Academy of Actuaries and a Chartered Enterprise Risk Analyst. He currently serves as a member of the CAS Board of Directors. He has previously served as the Chairman of the CAS Ratemaking Seminar Committee, Risk and Capital Management Seminar Committee, and the New Fellows Committee. Mr. Walling is a frequent speaker at industry meetings on professionalism, predictive analytics, captives and alternative markets, medical professional liability and government insurance program topics.
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