There are many new challenges in the insurance sector, including the growth of oversight, the difficulties of constant returns, and the effects of a hardening insurance market. Companies need to be constantly on the lookout for new ways of managing their risks and investments to provide value to shareholders, policyholders, and stakeholders in general.
International Insurance Consulting Group (IICG) specializes in consulting, administrative and compliance services for domestic insurers and Act-399 international insurers domiciled in Puerto Rico. Our robust suite of services includes industry-leading solutions, as well as deployment of the latest technology to assist in the administration and performance tracking of your insurance company.
Our insurance consultants create business and technology solutions for small, medium, and large organizations. Our expertise in client and shareholder needs, the competitive environment, and the regulatory structure in Puerto Rico helps us to develop and manage lean operations for insurance companies.
International Insurance Consulting Group is the go-to independent consultant firm for insurance companies in Puerto Rico. Our team is a leader in the insurance sector, with over 30 years of hands-on experience, almost like any other! We work every day to support the tactical needs of international investors and insurance companies, and we team up with senior executives to protect assets, meet compliance requirements, and achieve performance goals and objectives.
Our staff has the technical expertise and business insight to assist international insurers, captives, private insurance companies, reinsurers, investors, brokers and regulators to solve complex strategic problems. We have a proven track record of efficiently delivering on a wide array of local and international engagements like multi-class international insurer applications, segregated asset plan structures, high-profile claims and disputes, complicated insurer restructuring, and business-wide transformations.
What We Do
Our professional consulting team works with domestic and international insurers on matters related to business development, reinsurance placements, operations and compliance. IICG’s work goes beyond just consulting; we provide a full portfolio of insurance administration, accounting, and compliance services to domestic insurance companies as well as Act-399 international insurers. Here are some of our more prominent services:
International Insurer Licensing: We create and purify business plans and develop complete international insurer applications that reflect professionalism and commitment, helping our clients to complete the international insurer authorization process within established timelines.
Registered Office in Puerto Rico: Our office in San Juan, Puerto Rico serves as Registered Office and Principal Representative for international insurers and holding companies, complying with regulatory requirements while centralizing services to create operational efficiencies that save time and money for our clients.
Groundbreaking Analytics: Our in-house administration software provides unique analytics and management techniques that assist insurance companies and their service providers. This helps our clients gain insight and make better decisions about risk mitigation, risk protection, and management, among other areas.
Insurance Management: We provide 24/7 administrative support to international insurers and protected cell companies domiciled in Puerto Rico. Our management services include claim handling, full accounting and financial statement preparation, preparation of annual statements for regulatory agencies, and filing of tax returns.
Accounting and Tax: Our in-house CPA team helps organizations and individuals remain compliant under Puerto Rico law by ensuring timely filing of tax returns and required reporting.
Compliance: We help and support domestic and international insurers’ compliance so they can meet the requirements of all the applicable rules, and at the same time grow their bottom and top lines.
What Makes Us Different?
At the International Insurance Consulting Group, we seek to provide an exceptional experience to all our clients. Whether you’re an investor relocating to Puerto Rico, CEO of an international insurer or entrepreneur exploring opportunities, our goal is to become your Puerto Rican partner, not just a service provider. We believe there are many reasons why our consulting service sets us apart from all our competitors.
Our priority is always our clients’ needs. We are here to serve and make a positive impact on the organization and your success in Puerto Rico. We want to develop lifelong relationships with our customers, helping them on their business paths.
We always address the entire financial perspective of a client’s organization, from short term and instantaneous requirements to long-term objectives and goals. By providing comprehensive and integrated advice, we can give clients clarity about their path and confidence about their future prospects. Our team has cutting edge knowledge of international insurance trends that increase performance and profitability. We have similar capabilities as the more prominent systems integrators, but we offer a much more diverse expertise.
We are a team of skilled and dedicated experts in international insurance structures and insurance administration. To expand our services we partner with lawyers, CPAs, and advisory groups, which provide us with groundbreaking insight and infinite external resources. Our interdisciplinary method adds a broader perspective to the work we do and enables us to provide a full suite of services under one roof. We work together to solve a wide range of client needs, and we seamlessly integrate with clients to solve specific issues.
To be the premier consulting firm for international insurers/reinsurers and captive insurance structures in Puerto Rico. To expand our consulting business globally through new risk management techniques and the use of segregated asset plan structures. To offer insurance administration and claims management services to domestic and international insurers established in Puerto Rico.
Meet Our Team
Ruben N. Gely started his career in the insurance sector in 1992 as an agent. In 1994, he was appointed Executive Aide to the Commissioner at the Office of the Commissioner of Insurance of Puerto Rico (OCI), and in 2001 became an Examiner’s Supervisor in charge of the Financial Analysis Unit at the Office. He was selected as Director for the International Insurers and Reinsurers Division in 2006 and 2009, and in 2013 was named Deputy Commissioner of Supervision and Compliance. He was appointed in 2010 as a liaison with the Department of Economic Development of Puerto Rico. He has also participated in economic missions from the government of Puerto Rico to China, the United Kingdom, Venezuela, Panama, Colombia, Spain, and the United States.
In addition, he served as a professor of Finance and Insurance at the University of Puerto Rico, and for the University Center of the East, Carolina, Puerto Rico, where he developed an insurance degree curriculum.
Ruben Gely has a bachelor’s degree in Business Administration and a Master's Degree in Business Administration, with a concentration in Finance, from the University of Puerto Rico. He received the Chartered Property and Casualty Underwriter (CPCU), the Accredited Adviser in Insurance (AAI), and the Associate in Risk Management (ARM) certifications by the American Institute for CPCU.
Ruben A. Gely Ortiz is the founder and president of the International Insurer’s Consulting Group, Inc. (IICG). He is recognized as an international insurance advocate and pioneer in Puerto Rico captive insurance structures. In addition to serving as president of IICG, he is the vice president of Puerto Rico’s International Insurers Association (PRIIA), a non-profit organization created to protect the interests of international insurers domiciled in Puerto Rico.
He received the Associate in Risk Management (ARM) and Associate in General Insurance (AINS) certifications from the American Institute for CPCU.
Ruben Gely Ortiz is an expert in captive insurance structures for Latin America based companies, segregated asset plans, private placement life insurance policies, and Act 20/22 applications. He has a special interest in the aviation and aerospace industry, and currently holds an FAA issued multi engine private pilot license with instrument rating.
Orlando Figueroa Diaz is the chief financial officer of the International Insurer’s Consulting Group, Inc. His primary role is to assist international insurers with financial advice and captive insurance management under Puerto Rico’s commercial law. He is highly experienced in the management of captive insurers and protected cells – at present he handles the accounting for over eighty captive insurers in Puerto Rico.
Figueroa Diaz joined the company after serving as lead audit senior for some of the largest clients in Puerto Rico. He is a key member of the Youth CPA committee of the Puerto Rico Certified Public Accountant Board.
He has a bachelor’s degree in Business Administration with concentrations in both Accounting and Finance from the University of Puerto Rico. He was honored by the Puerto Rico Certified Public Accountant Board for having the highest average score in the Certified Public Accountant (CPA) examination in 2016
Edwin O. Montañez-Concepción is the client service manager of International Insurance Consulting Group, Inc. His primary role is to assist clients with their financial advice and captive insurance management under Puerto Rico’s International Insurance Center.
Montañez-Concepción joined the company after leading the audit and assurance team of retail & distribution companies and financial institutions, specializing in broker-dealers. Additionally, as a Certified Public Accountant, he is highly experienced in managing and administrating businesses in Puerto Rico, with over five years in the field. In addition, he worked as an intern for both the Internal Revenue Service (IRS) and the Treasury Department of Puerto Rico.
He has a bachelor’s degree in business administration with concentrations in both Accounting and Finance from the University of Puerto Rico. He is also a member of the Puerto Rico Certified Public Accountants Association
Fernando Fornaris is a professional in the area of communications, specializing in marketing and advertising. He focuses his efforts on the planning, development, and implementation of innovative advertising strategies in digital media.
He obtained his undergraduate degree from the Polytechnic University of Puerto Rico, and a Master's degree from the University of the Sacred Heart in Santurce, Puerto Rico. Fornaris was part of the VMLY & R Puerto Rico team, where he strengthened his knowledge in the advertising industry. Later, he started his own social media & digital marketing firm Alphastar Media, where he contributed ideas to brands such as Biaggi & Faure Fine Arts, San Juan Bautista Cathedral’s 500th anniversary, Crest, and Black Cow Cheese, among other clients.
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