Wednesday, January 22, 2020

Advantage Insurance Completes U.S. Commonwealth Life Acquisition

By on November 14, 2016

SAN JUAN – Advantage Insurance Inc., a provider of customized insurance solutions for businesses and individuals, announced Monday that it has completed the acquisition of U.S. Commonwealth Life A.I. (USCL). Operating within Puerto Rico’s International Insurance Center, USCL issues life insurance policies to high net worth individuals and family groups to assist with estate planning, asset protection and other needs.

With the addition of USCL, Advantage now operates four distinct insurance companies within Puerto Rico’s International Insurance Center. Established by the government of Puerto Rico in 2005, the International Insurance Center has grown to become a domicile serving the needs of the specialty life insurance, captive insurance and reinsurance industries. Puerto Rico is unique among insurance jurisdictions for its modern regulation and tax efficiency combined with legal protections offered by United States law, Monday’s press release reads.

FILE - In this April 22, 2015, file photo, Ralph Logan, general manager of Microtrain, left, shakes hands with a job seeker during a National Career Fairs job fair in Chicago. On Thursday, Nov. 10, 2016, the U.S. Labor Department said that fewer Americans sought unemployment aid during the previous week, the latest sign that companies are holding onto their workers. (AP Photo/M. Spencer Green, File)

(AP Photo/M. Spencer Green, File)

According to Advantage, it serves more than 300 clients and administers over $1 billion of insurance assets from its headquarters in San Juan and additional locations in the Cayman Islands, United Kingdom and U.S. mainland. Advantage’s primary lines of business include private placement life insurance, captive insurance management and alternative risk transfer services.

“U.S. Commonwealth is the leading international life insurance company operating from Puerto Rico. We have long admired the high quality franchise Colin Muirhead and Jay Walker have built, and we are very pleased that they have placed their confidence in Advantage to continue USCL’s tradition of client service,” Advantage CEO Walter Keenan said in the published announcement.

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