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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.
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