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Captive Alternatives launches Puerto Rico international insurer Madison RE

Wednesday, February 17, 2016
Opalesque Industry Update - Alberto Bacó Bagué, Secretary of Puerto Rico’s Economic Development and Commerce Department (EDCD), announced the launching of Captive Alternatives’ International Insurer Madison RE, I.I. in the Island. This move contributes to the expansion of Puerto Rico’s International Insurance Center.

“Captive Alternative (CapAlt), the insurance consultancy that pioneered the Protected Captive business model, decided to launch their Insurance Captive in Puerto Rico because of the multiple benefits our country provides, to offer an innovative captive creation and management structure for Captive Alternative clients. This recent move represents another vote of confidence from an international insurance company which prefers our Island, among many other countries, to domicile their operations. The strategies implemented to boost the insurance industry are showing exponential results. Puerto Rico’s international insurance sector is becoming the center of attention for external investment and a spark of innovation and opportunities to our human capital,” expressed Bacó Bagué.

“Our business owners look to us for sound financial advice for protecting their business and assets. 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 the United States Congress increasingly looks to change the 831 (b) captive rules,” explained Mark Jacobs, Captive Alternatives’ President and CEO.

“The launching of Madison RE, I.I. in Puerto Rico allows Captive Alternatives to quickly and efficiently create new Protected Captives and provides additional opportunities for larger captives. We are consolidating operations of all our existing captives under management into Puerto Rico, making Madison RE, I.I. one of the largest insurance captive managers in Puerto Rico. Why Puerto Rico? Because of the efficient, business friendly atmosphere. Domiciled and licensed in Puerto Rico, Madison Re, I.I. is focused on serving U.S. clients seeking efficient and secure risk management solutions,” added Jacobs.

“The Office of the Commissioner of Insurance (OCI-PR) welcomes CapAlt’s initiative in our jurisdiction. The experience and leadership of CapAlt will contribute to our environment, consistent with our goal to become the jurisdiction of choice for correctly capitalized captives with a sound plan of operations, under the developing regulatory arena of this sector," stated Puerto Rico’s Insurance Commissioner, Ángela Weyne Roig.

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