Captive Alternatives (CapAlt), the insurance consultancy, has launched Puerto Rico international insurer Madison RE, II.
Madison RE, II was formed to provide an innovative new captive creation and management structure exclusively for CapAlt clients.
The new structure allows CapAlt to quickly and efficiently create new protected captives, and provides additional opportunities for larger captives.
With the launch of Madison RE, II, CapAlt is consolidating operations of all its existing captives under management into Puerto Rico making Madison RE II one of the largest insurance captive managers in the territory of Puerto Rico.
CapAlt elected to form Madison RE, II in Puerto Rico because of the efficient, business friendly atmosphere. Domiciled and licensed in Puerto Rico, Madison RE, II is focused on serving US clients seeking efficient and secure risk management solutions.
“Our business owners look to us for sound financial advice for protecting their business and their assets,” said Mark Jacobs, chief executive officer, Captive Alternatives.
“Establishing captives in Puerto Rico affords them the kind of security and flexibility they are looking for in a near-shore solution. It also allows us to offer clients an alternative solution, as Congress increasingly looks to change the 831 (b) captive rules.”
Alberto Bacó Bagué, secretary of economic development and commerce of Puerto Rico, added: “CapAlt’s decision to form Madison RE, II in Puerto Rico is another vote of confidence from an international company with many choices for where to locate their operations.
“Puerto Rico’s international insurance sector is positioned to be the centre of attention for external investment and a spark of innovation to our domestic human capital.”
Captive Alternatives, Madison RE II, Mark Jacobs, Alberto Bacó Bagué, North America