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A large insurer in Puerto Rico is offering a reinsurance program with new tax advantages for U.S. auto dealers.
Reinsurance programs let dealers share in the underwriting profit and investment income on the extended service contracts and other insurance products they sell.
Oceanus Reinsurance A.I. is the first international reinsurance company to operate in Puerto Rico, said its CEO, Scott Allan. The regulatory environment in Puerto Rico offers tax advantages because it is a U.S. territory, he said.
The Oceanus reinsurance program targets dealerships and dealership groups that sell at least 350 new and used vehicles a month, Allan...