14 October 2015Actuarial & underwriting

Advantage Insurance opens new life insurance firm

Advantage Insurance Holdings, a leader in providing customised insurance solutions for businesses and individuals, including captive management, has opened a new life insurance company, Advantage Life Assurance II (ALAI).

Domiciled and licensed in Puerto Rico, ALAI is focused on serving non-US clients seeking efficient and secure wealth structuring solutions.

ALAI is Advantage's second life insurance subsidiary located in Puerto Rico. Advantage commenced operations in the Commonwealth in 2011 with the licensing of Advantage Life Puerto Rico AI (ALPR), which focuses on the North American market.

Walter Keenan, chief executive officer (CEO) of Advantage, said: "Puerto Rico has proven itself to be a great place to do business for our company, so it was a natural decision to locate our new, internationally focused carrier in the International Insurance Center. We have high hopes for growth in both of our Puerto Rico companies."

Angela Weyne, commissioner of insurance of the Commonwealth of Puerto Rico, added: "The International Insurance Center of Puerto Rico offers significant tax and regulatory benefits for global insurers. We are pleased to welcome Advantage's second company to be licensed and look forward to the success of all companies located in the Center."

ALAI is headquartered in San Juan and is led by Eric Miller. All of ALAI's policies are fully reinsured by its affiliate, Advantage Life & Annuity Company. ALAI offers a broad range of investment management and asset custody alternatives available for use within policy structures. ALAI policies may not be purchased by residents of Puerto Rico.