Iron Shield widens the net
International insurer Iron Shield is looking to expand its solutions to other countries. In addition to its expansive market in Argentina, it now works with clients in Uruguay, Colombia and Puerto Rico, offering the same essential strategy: creating reinsurance captives.
Iron Shield is registered as a class 3 and a class 5 international insurer. It writes a mixture of business, including property/casualty and life and health, using segregated asset or protected cell companies.
Captive International worked with Iron Shield to produce a new guide to its services and the locations in which it operates. To find out more about the company click here.
Iron Shield has stated that it will never write business directly. It will always sit behind an accredited reinsurer, mainly because that is a requirement in most of the countries where it operates. Another way of describing it is as a retrocessionaire of reinsurance captive risks.
Now it is targeting more growth. Its president, Ruben Gely-Ortiz, says the business is seeking more captive insurance clients to work with across Latin America.
He describes its expertise in this niche market as “second to none”.
“We have access to a network of professionals in almost every jurisdiction in Latin America. Our attraction to clients is working with an authorised reinsurer that can take premiums from the jurisdiction and retrocede them back to Puerto Rico.
“We have a team dedicated to the development of business in Latin American countries. They understand a lot about inflation and devaluation of currencies, which is crucial in some of these countries. It helps us provide turnkey solutions to clients all over Latin America.”
In Argentina, the company has 15 highly qualified staff, including actuarial experts, financial analysts and client service managers, and it owns DNI, an insurance broker.
In Puerto Rico, it has an additional eight senior people including accounting and operational staff. In terms of future growth, Gely-Ortiz anticipates significant premium growth in 2023, across all of Latin America, including Colombia.
