Captive Alternatives has launched a cell captive in Puerto Rico.
Madison Re II was formed to provide a new captive creation and management structure exclusively for Captive Alternatives clients.
The new structure will allow Captive Alternatives to quickly and efficiently create new protected cells, and provides additional opportunities for larger captives.
Captive Alternatives, with the launch of Madison Re II, is consolidating all of its existing captives under management into Puerto Rico, making Madison Re II one of the largest insurance captive managers in that location.
According to Captive Alternatives, it elected to form Madison Re II in Puerto Rico because of the efficient, business-friendly atmosphere.
Mark Jacobs, president and CEO of Captive Alternatives, commented: “Establishing captives in Puerto Rico affords them the kind of security and flexibility they are looking for in a near-shore solution. It also allows us to offer clients an alternative solution, as Congress increasingly looks to change the 831 (b) captive rules.”
Alberto Bacó Bagué, secretary of economic development and commerce of Puerto Rico, added: "Captive Alternatives’s decision to form Madison Re II in Puerto Rico is another vote of confidence from an international company with many choices for where to locate their operations.”
