Puerto Rico s Business Proposal and Invitation to Munich Re
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1 Puerto Rico s Business Proposal and Invitation to Munich Re Ángela Weyne Roig, Commissioner of Insurance Alberto Bacó, Secretary of Economic Development & Commerce Under special appointment by Governor Hon. Alejandro García Padilla
2 Topics Puerto Rico Reinsurance Munich Re United States Business Latin America Munich Re Corporate Strategy and Puerto Rico Puerto Rico Unique Offering Proposal Invitation
3 Executive Summary Munich Re has growth potential in Puerto Rico, United States Reinsurance, United States Admitted and Latin America markets Puerto Rico s International Insurance Center Platform provides accessibility to all named markets, at unmatchable conditions Puerto Rico s underwriting costs are considerably lower than other insurance hubs in America Puerto Rico s Government proposes Munich Re to leverage additional growth on unique opportunities in our jurisdiction
4 Puerto Rico Property & Casualty Profitable Market 60.3% aggregate loss ratio as compared to United States Benchmark of 65% 5 year Property & Casualty loss ratio reinsurance business of 27%, Cat loss ratio less than 1% Munich Re reinsurance loss ratio of 29.8% Additional Puerto Rico profitable business available to Munich Re
5 Munich Re United States Market 2012 $8.8b, 8.6% growth 7% growth in reinsurance, 19.4% growth in health Puerto Rico is a National Association of Insurance Commissioners accredited jurisdiction and a member of the Association of Insurance Supervisors of Latin America (ASSAL) Preferred Tax Regime Munich Re will capitalize both in growth of reinsurance and health market by having a Puerto Rico platform
6 The Latin American Insurance Market 265% Gross domestic product growth in 10 years,175% in 5 years 218% Non life insurance premiums growth over a 10 year period, non life is largest with USD $84b in premiums 141% Whilst global insurance premium grew by 24% over 5 years, Latin America premium grew by 141%
7 The Latin American Insurance Market Latin America is 3% of Munich Re global market Latin America is a source of long term growth for Lloyds. An adequate platform is a must to insure access to every Latin American country
8 Munich Re Challenges Global geopolitical and economic interaction demographic change Puerto Rico sympathizes with Munich Re Corporate responsibility strategy
9 Puerto Rico Offshore Center for Munich Re No United States taxation for Non-United States sources (Latin America, Asia, etc.) 4% of tax over $1.2m of net income. Total exemption from other taxes including property tax, capital gains. Guaranteed tax treatment. Lower underwriting and administration cost National Association of Insurance Commissioners accredited status, admittance to states negotiable
10 Underwriting Costs in Puerto Rico
11 Underwriting Costs in Puerto Rico
12 Underwriting Costs in Puerto Rico
13 Preferred Tax Regime in Puerto Rico 1) Tax free United States risks if properly structured 2) Non United States taxes for Non United States sources of income 3) Low tax, secured at Puerto Rico 4) No premium, property, withholding taxes
14 Munich Re Multiple Market Access Facility: International Insurance Center Puerto Rico Branch Puerto Rico Reinsurance Insurance Linked Securities Issuer United States Direct Munich Re Puerto Rico Branch Latin America United States Reinsurance United States Health
15 Munich Re Multiple Capitalization Facility: International Insurance Center Puerto Rico Branch Latin America Market Growth United States Reinsurance Market Growth Realized Capital Gains Munich Re Puerto Rico Branch United States Health Market growth Puerto Rico Low Underwriting Cost Preferred Tax Regime
16 Business Proposal Munich Re establishes a branch or standalone insurer in the International Insurance Center Subsidiary may operate as an alien insurer in United States or negotiate authorization Subsidiary will be able to access additional business to Munich Re, not currently available for competitive reasons Subsidiary will insure Non United States risks under competitive taxation Subsidiary will insure United States risks, tax free if properly structured
17 Invitation The Government of Puerto Rico extends an invitation for further discussions in Puerto Rico, when convenient to Munich Re s Directorship
18 Thank You Rubén N. Gely Rodríguez Deputy Commissioner of Supervision and Compliance Juan Carlos Suárez Executive Assistant Economic Development & Commerce
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