MISSION
"Provide tranquility and solutions by passionately protecting the value of our customers", is our vocation of providing value over time.
Iron Shield I.I. is an International Reinsurer in accordance with Chapter 61 of the Insurance Code of Puerto Rico under the category of Segregated Asset Plans Company.
Iron Shield I.I. has the corresponding accreditation from the Office of the Insurance Commissioner to ensure business outside of Puerto Rico and to reinsure both inside and outside of Puerto Rico.
MISSION
"Provide tranquility and solutions by passionately protecting the value of our customers", is our vocation of providing value over time.
VISION
To be leaders in the market, based on our quality foundations and efficiency in our professional services.
Ethics, transparency and honesty are part of our day to day job. Continuous improvement, RESPECT and consideration for others. Contribute to the community.
We always try to do an outstanding job, adding our seal of quality in everything we do. We deliver our commitments and we execute our business deals.
We challenge ourselves and lead to perform continuous improvements, that increase the value of our customers
A Segregated Assets Plan, also known as "Protected Cells" in the Property and Casualty business, allows an identified group of assets to be managed separately in an integrated manner to satisfy a set of obligations. The Segregated Assets Plans work as individual companies within an authorized international insurer authorized in Puerto Rico. Participants of a Segregated Assets Plan may subscribe risks separately and segregated from other Segregated Assets Plans. Each Segregated Assets Plan has its own bank account whose signers are the shareholders of the Segregated Assets Plan. The management of the Segregated Assets Plan is conducted by the international insurer who will provide accounting, claims handling, investment management, tax filing and compliance services.
Puerto Rico enjoys a privileged geographical location. The resulting benefits of a bilingual corporate culture has helped the Government of Puerto Rico to attract and retain high technology and intensive manufacturing capital for specialized industries. As a jurisdiction of the United States of America, the free market economy of Puerto Rico is subject to local and federal regulations aimed to protect free competition, specifically but not limited to the banking and insurance industries. Together with the use of the US dollar and general freedom of flow of funds abroad, this regulatory structure guarantees sound investment and credit practices. Legal protection is provided by both the Federal Constitution of the United States and the Constitution of Puerto Rico, with remedies of redress in local and federal courts, provided that particular requirements are met. The Government of Puerto Rico enjoys fiscal and contributory autonomy with respect to the Federal Internal Revenue Code, with distinctions recognized in various aspects.
Since 2005, the Division of International Insurers and Reinsurers of the Office of the Insurance Commissioner of Puerto Rico, also known as the International Insurance Center (the Center), promotes Puerto Rico as an important member
of the international insurance community. Due to its multiple advantages, Puerto Rico serves as a logical portal for the entry of insurance and reinsurance companies in Latin America, Europe and other international markets.
The Government of Puerto Rico adopted this new initiative and incorporated it as part of its economic agenda for the 21st Century. The Division of International Insurers and Reinsurers is under the supervision of the Office
of the Insurance Commissioner of Puerto Rico.
The record of regulatory experience of the Office of the Commissioner of Insurance (OCI) is another factor in favor of considering Puerto Rico as a viable alternative to transact insurance business. The OCI supervises 50 domestic insurers and 345 foreign insurers, with a premium volume of approximately US $ 13 Billion. Puerto Rico is the fourth largest insurance market in Latin America. It also occupies the first place among these markets when measured in both Premium per capita and percent of Gross Domestic Product.
The OCI is an accredited member of the National Association of Insurance Commissioners (NAIC). In addition, the OCI is a participating member of the Multilateral Memorandum of Understanding on Cooperation and Exchange of Information of the Association of Insurance Superintendents of Latin America (ASSAL), an entity committed to issues of money laundering and fiscal transparency.