As part of a strategic move aimed at broadening its Puerto Rico products portfolio, MCS announced Wednesday it has created a new subsidiary, MCS General Insurance Agency, to tap into the life and disability insurance market.
With this new entity, MCS ensures the flexibility to grow and adapt to the rapidly changing insurance landscape, while achieving its financial targets and operational goals, the company confirmed.
The new subsidiary will offer affordable life and disability product options, and will make its debut in the local marketplace with the “Confort Plus+” product, subscribed by USIC Life Insurance Company, said MCS CEO Jim O’Drobinak.
Executives José Durán has been named president of the new subsidiary, while Roberto Pando will take over as president of MCS Life Insurance Company, replacing Durán. Pando will continue to lead the company’s strategy department, and Durán will continue as president of MCS Health Management Options Inc.
“I’m certain that José Durán’s vast experience will lead to solid growth in the new subsidiary’s business volume,” O’Drobinak said. “In addition, I’m very confident that Roberto Pando’s talents will drive the continued evolution of MCS Life, the subsidiary in charge of our individual and group health and life insurance products.”
Durán and Pando have vast experience in the health insurance field under their belt. Durán is has more than 30 years of experience in the insurance business, in addition to being one of the executives who founded MCS in 1983.
For his part, Pando has been a key leader in the recent efforts to protect the funds for Puerto Rico’s healthcare programs and, during his career at MCS, has successfully led the development of products and services for all of the company’s lines of business.
“We’re very excited about the transformations taking place at MCS. We’re confident that by diversifying our product portfolio, we will maximize our growth opportunities and effectively withstand the industry’s challenges, while taking new steps to satisfy the unmet needs in our marketplace,” O’Drobinak said.