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1 June 2024NewsAnalysis

FORTY under 40: Ruben Gely

Ruben Gely, President, International Insurer’s Consulting Group

Ruben Gely is considered an international insurance advocate and pioneer in Puerto Rico’s privately owned insurance structures. As well as being president of International Insurer’s Consulting Group (IICG), Gely is vice president of Puerto Rico’s International Insurers Association (PRIIA).

Gely was granted the Associate in Risk Management and Associate in General Insurance certifications by the American Institute for CPCU. He is a Certified Anti-Money Laundering Specialist by ACAMS.

His areas of expertise include privately-owned insurance companies for Latin America-based companies, segregated asset plans, private placement life insurance policies and Act 60 applications.

How did you become involved in captive insurance?

Since 2012, my involvement with captive insurance has centred around promoting Puerto Rico as an international insurance hub. The journey began with a simple website designed to inform international audiences about Puerto Rico’s captive insurance legislation. This initiative facilitated key contacts and led to the establishment of significant enterprises within the region. In 2015 I was a founding member of the PRIIA, an organisation that has led to numerous legislative changes and economic development strategies.

In my current role at IICG, I focus on strategic development and advocacy for captive insurance solutions, providing tailored risk management strategies that help businesses manage and mitigate unique challenges effectively.

What are the biggest challenges of working in this industry, and what do you find most rewarding?

Educating the market about the benefits of captive insurance remains a significant challenge. Overcoming industry inertia requires persistent educational efforts, as many in the field are hesitant to depart from traditional methods. However, the most rewarding aspect is witnessing the tangible benefits captive insurance provides during crises. For example, during events such as Hurricane Maria and the 2019 Puerto Rico earthquakes, captive structures proved crucial in enabling businesses to continue operations and manage risks effectively.

Would you recommend the captive insurance industry to young people as a future career path?

I strongly recommend the sector as a career path for those interested in innovation within the insurance sector. Captives offer a unique blend of flexibility, creativity, and the opportunity for significant professional growth. Aspiring professionals should be prepared to think outside the box and embrace the evolving nature of risk management.

What developments do you see ahead for captives?

I expect further integration of captive solutions in regions such as Puerto Rico and Latin America, particularly as a direct link between hard-to-insure enterprises and the reinsurance market. As global risks evolve and technology advances, captive insurance will play an increasingly crucial role in risk financing and decision-making processes.

Do you think that your long-term future remains in the captives market?

My commitment to the captive insurance market is unwavering. Given the dynamic nature of global risks, the demand for robust, innovative risk retention solutions will only grow. I am excited to continue leading efforts in this vital field, helping businesses navigate uncertainties with confidence.

“I am excited to continue leading efforts in this vital field.”

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