SAN JUAN, Puerto Rico, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Advantage Insurance Inc. ("Advantage"), a leader in providing customized insurance solutions for businesses and individuals, announced today that it recently completed the acquisition of U.S. Commonwealth Life, A.I. ("USCL"). Operating within Puerto Rico’s International Insurance Center, USCL issues life insurance policies to high net worth individuals and family groups to assist with estate planning, asset protection and other needs.
Advantage CEO Walter Keenan said, "US Commonwealth is the leading international life insurance company operating from Puerto Rico. We have long admired the high quality franchise Colin Muirhead and Jay Walker have built, and we are very pleased that they have placed their confidence in Advantage to continue USCL’s tradition of client service. We look forward to working closely with Colin, Jay and their team to grow our combined life insurance business in the years to come.”
Colin Muirhead of USCL added, "Our success in growing US Commonwealth highlighted the need to plan for a smooth transition to the next generation of company stewardship. Partnering with Advantage gives us the confidence that our clients will continue to be well served for generations to come.”
Jay Walker, advisor to USCL, stated: “U.S. Commonwealth clients have expressed their support for partnering with Advantage, as they now benefit from the substantial capital and operational resources Advantage brings to the table. Colin and I look forward to working together with Walter and the Advantage team to build upon our position as the largest and demonstrably best capitalized international insurer in Puerto Rico.”
With the addition of USCL, Advantage now operates four distinct insurance companies within Puerto Rico’s International Insurance Center. Established by the government of Puerto Rico in 2005, the International Insurance Center has grown to become a leading domicile serving the needs of the specialty life insurance, captive insurance and reinsurance industries. Puerto Rico is unique among insurance jurisdictions for its modern regulation and tax efficiency combined with legal protections offered by United States law.
In connection with the acquisition, the law firm of J.A. Walker & Associates, Inc., led by Jay Walker, and Bermuda PPLI Advisors Ltd, owned by Colin Muirhead, have each entered into long term agreements to provide advisory services to USCL and Advantage. Aon Insurance Managers (Puerto Rico) Inc. continues to provide administrative services to USCL. Vidal, Nieves & Bauzá, LLC served as legal advisor to Advantage for the transaction.
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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Source:Advantage Insurance Inc.