SAN JUAN, Puerto Rico, Oct. 03, 2016 (GLOBE NEWSWIRE) — Advantage Insurance Inc. (“Advantage”), a leader in providing customized insurance solutions for businesses and individuals, announced today the launch of its newest operating subsidiary, Advantage Business Insurance Company I.I. (“ABIC”). Located in Puerto Rico, ABIC’s business plan is to provide risk management services including captive insurance solutions to businesses throughout the Americas.
ABIC operates within Puerto Rico’s International Insurance Center, which offers favorable tax, regulatory and operating benefits to member companies and their clients. Advantage CEO Walter Keenan said, “Puerto Rico has proven to be an excellent complement to our other locations in the United States 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 United States.”
ABIC is Advantage’s third licensed insurance carrier in Puerto Rico, joining Advantage Life Puerto Rico A.I which commenced underwriting in 2011, and Advantage Life Assurance I.I., opened in 2015. Advantage recently completed the relocation of its corporate headquarters to Puerto Rico in recognition of strong growth prospects for businesses there.
Advantage Insurance Inc., through its operating subsidiaries, provides customized insurance products and services to businesses and individuals worldwide. Founded in 1993, today Advantage serves over 300 clients and administers over $1 billion of insurance assets from its headquarters in San Juan, Puerto Rico and additional locations in the Cayman Islands, United Kingdom and United States. Advantage’s primary lines of business include private placement life insurance, captive insurance management and alternative risk transfer services. Additional information is available on the company’s website: www.advantagelife.com
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