GRAND CAYMAN, Cayman Islands and SAN JUAN, Puerto Rico, Oct. 14, 2015 (GLOBE NEWSWIRE) -- Advantage Insurance Holdings Ltd. ("Advantage"), a leader in providing customized insurance solutions for businesses and individuals, announced today the opening of a new life insurance company, Advantage Life Assurance I.I. ("ALAI"). Domiciled and licensed in Puerto Rico, ALAI is focused on serving non-U.S. clients seeking efficient and secure wealth structuring solutions.
ALAI is Advantage’s second life insurance subsidiary located in Puerto Rico. Advantage commenced operations in the Commonwealth in 2011 with the licensing of Advantage Life Puerto Rico A.I. ("ALPR"). Focused on the North American market, ALPR offers U.S.-compliant life insurance policies and is taxed under Section 953(d) of the Internal Revenue Code. ALAI will be operated as an international insurer and will not make a 953(d) election.
Advantage CEO Walter Keenan said, "Puerto Rico has proven itself to be a great place to do business for our company, so it was a natural decision to locate our new, internationally focused carrier in the International Insurance Center. We have high hopes for growth in both of our Puerto Rico companies."
Angela Weyne, Commissioner of Insurance of the Commonwealth of Puerto Rico, added, "The International Insurance Center of Puerto Rico offers significant tax and regulatory benefits for global insurers. We are pleased to welcome Advantage’s second company to be licensed and look forward to the success of all companies located in the Center."
Alberto Bacó Bagué, Secretary of Economic Development and Commerce of Puerto Rico, stated: "Advantage Insurance’s expansion in Puerto Rico is another vote of confidence from an international company with many choices for where to locate their operations. Puerto Rico and its International Insurance Center are open for business, and we hope that other financial services companies will follow Advantage’s example."
ALAI is headquartered in San Juan and is led by Eric Miller. All of ALAI's policies are fully reinsured by its affiliate, Advantage Life & Annuity Company SPC. ALAI offers a broad range of investment management and asset custody alternatives available for use within policy structures. ALAI policies may not be purchased by residents of Puerto Rico.
Advantage Insurance Holdings Ltd., through its operating subsidiaries, provides customized insurance products and services to businesses and individuals worldwide. Founded in 1993, today Advantage serves over 200 clients and administers over $1 billion of insurance assets from its headquarters in Grand Cayman and offices in Charleston, South Carolina; San Juan, Puerto Rico; and Scottsdale, Arizona. 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.aih.com.ky.
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Source:Advantage Insurance Holdings Ltd.