Advantage Insurance domiciles its captive subsidiary in Puerto Rico

Advantage Insurance (Advantage), which provides customised insurance solutions for businesses and individuals, has announced the launch of its newest operating captive insurance subsidiary, Advantage Business Insurance Company II (ABIC), now located in Puerto Rico.

ABIC will provide risk management services including captive insurance solutions to businesses throughout the Americas.

The company is based in Puerto Rico’s International Insurance Center, which offers favorable tax, regulatory and operating benefits to member companies and their clients. Advantage recently completed the relocation of its corporate headquarters to Puerto Rico in recognition of strong growth prospects for businesses there.

"Puerto Rico has proven to be an excellent complement to our other locations in the United States and Cayman Islands," said Walter Keenan, CEO of Advantage. "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."