Advantage Insurance has launched a new subsidiary in Puerto Rico.
Advantage Business Insurance Company (AIBC) will provide risk management services including captive insurance solutions to businesses throughout the Americas.
ABIC is Advantage’s third licensed insurance carrier in Puerto Rico, joining Advantage Life Puerto Rico, which commenced underwriting in 2011, and Advantage Life Assurance, opened in 2015.
The company also recently completed the relocation of its corporate headquarters to Puerto Rico, due to “strong growth prospects for businesses there”, according to a statement.
Walter Keenan, CEO of Advantage, said: “Puerto Rico has proven to be an excellent complement to our other locations in the US and Cayman Islands. Having ABIC open for business gives our clients additional flexibility in choosing the best domicile to meet their individual risk management needs.”
Les Boughner, chairman of Advantage’s business insurance division, added: “We look forward to introducing our new capabilities to the marketplace, with a particular focus on small and medium-sized businesses in the Caribbean and Latin America. Business owners in the region are familiar with Puerto Rico and appreciate the unique benefits afforded by its status as a territory of the US.”
