SAN JUAN, Puerto Rico, January 7, 2022 (GLOBE NEWSWIRE) – Advantage Insurance Inc. (âAdvantageâ), a leader in providing personalized insurance solutions for businesses and individuals, announced today recently concluded a series of transactions to develop and strengthen its life insurance business. Highlights include:
Merger of our US Commonwealth Life, AI and Advantage Life Assurance AI subsidiaries to consolidate and streamline Puerto Rico operations
Allocation of over $ 100 million of additional excess capital to our major life insurers to support recent and future growth
Advantage CEO Walter Keenan said, â2021 has been an important year for Advantage and its life insurance policyholders. After several years of careful planning and analysis, we have completed a restructuring and recapitalization of our life insurance business that firmly positions Advantage Life as the world’s leading provider of private placement life insurance, as measured by strong balance sheet and wide range of policies.
As a result of the transactions, Advantage Life has six individual life insurance subsidiaries located in three main insurance homes, which, along with Advantage’s other insurance services businesses, serve more than 700 insurance clients and their wealth advisers around the world. As of December 31, 2021, Advantage’s life insurance business had total assets of over $ 4 billion, supported by over $ 100 million of excess capital available to pay policy claims.
Advantage’s legal advisers were Conyers, Dill & Pearman; Mayer Brown LLP; and Vidal, Nieves & BauzÃ¡, LLC. Actuarial services were provided by Insurance Strategies Consulting, LLC.
Advantage Insurance Inc., through its operating subsidiaries, provides personalized insurance products and services to businesses and individuals around the world. Founded in 1993, Advantage today serves over 700 insurance clients and administers over $ 4 billion in insurance assets from its headquarters in San Juan, Puerto Rico and other locations in Bermuda, Islands. Cayman Islands and the United States. Advantage’s main lines of business include private placement life insurance, captive insurance management and institutional investment advisory services. Contact persons and additional information are available on the company’s website: www.avantagevie.com
CONTACT: Walter Keenan +1-787-705-2900