SAN JUAN, Puerto Rico, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Advantage Insurance Inc. ("Advantage"), a leader in providing customized insurance solutions for businesses and individuals, announced today that it has temporarily relocated most of its Puerto Rico insurance underwriting and corporate management functions to its office in Grand Cayman, Cayman Islands due to the impact of Hurricane Maria.
Advantage CEO Walter Keenan said: “Almost all of our Puerto Rico-based team members and their families have experienced significant damage to their homes and communities as a result of this terrible natural catastrophe. Fortunately, our headquarters location was not damaged and the office remains fully functional. However, in order to best assist our Puerto Rico team members in helping their families and neighbors with urgent needs, we have shifted most of their duties to our Grand Cayman location for the time being. We look forward to resuming normal operations in San Juan as soon as recovery efforts allow.”
Eric Miller, Advantage’s Chief Information Officer, added: “Our business continuity plans have long contemplated having to relocate operations due to a hurricane. Unfortunately, this was the year when we needed the plan. All of us at Advantage want to thank all of our IT service providers for helping us to serve our clients without interruption during this challenging time.”
Advantage has established an assistance fund for its Puerto Rico team members and their families, and will donate any unused amounts to local social services nonprofit organizations including the Boys & Girls Clubs of Puerto Rico. Advantage encourages its clients and shareholders interested in helping Puerto Rico’s recovery to contribute to the Boys & Girls Clubs through their website: http://www.bgcpr.org.
About Advantage
Advantage Insurance Inc., through its operating subsidiaries, provides customized insurance products and services to businesses and individuals worldwide. Founded in 1993, today Advantage serves approximately 400 clients and administers over $2 billion of insurance assets from its headquarters in San Juan, Puerto Rico and additional locations in the Cayman Islands and United States. Advantage's primary lines of business include private placement life insurance, captive insurance management and alternative risk transfer services. Additional information is available on the company's website: www.advantagelife.com