The five companies that have organized under the Puerto Rican International Insurance Center announced recently that they have created an association to promote Puerto Rico’s competitiveness in the international insurance and reinsurance markets. The organization, entitled Proinsura, is headed by Chairman Rafael Padial and made up of members Oceanus Re, Syndicate Re, Flagstone Underwriters Latin America Limited, Island Heritage Insurance and American International Underwriters Overseas.
As previously reported here, the International Insurance Center of Puerto Rico provides international insurers and reinsurers that organize under the center’s laws with certain tax incentives and favorable operating conditions. According to reports, the five member companies have underwritten over $100 million dollars in premium since the center opened in 2004. By comparison, Puerto Rican insurers last year reportedly underwrote $8 billion dollars in premium, which companies organized under the International Insurance Center are free to reinsure.