2023-04-29 17:40:38
Fulcro Insurance, one of the main brokerage firms on the island, acquired its competitor Luis Juarbe Seguros y Fianzas, a local firm founded more than 45 years ago, for an undisclosed amount.
The transaction is part of the expansion plan of Fulcro, a firm that seeks to grow, on and off the island, in a period of two years.
According to Luis Ricardo Juarbe Arrillaga, who after the merger has become a partner and vice president of Fulcro, the transaction is the result of a long process.
He explained that approximately two years ago, both firms began conversations to work on common clients.
Added to this was the fact that both companies have a lot in common and shared similar values. After due process, presented the merger to the Office of the Commissioner of Insurance (OCS) in November 2022.
As part of the agreement, the 10 employees of Juarbe Seguros began to work with Fulcro, increasing the workforce to 81. Juarbe had 3,000 clients, handled all kinds of insurance -including life insurance- and one of his strengths was insurance for the food industry.
“Customers will continue to receive the same service. Both firms have shown that they have the ability to provide the best service to clients,” said Enrique Pérez Blanco, partner and director of Growth and Innovation at Fulcro. He added that Juarbe Seguros clients have already joined Fulcro and the merger has been transparent to all policyholders.
Pérez Blanco explained that Fulcro’s business model is based in Puerto Rico, but the insurance brokerage firm has operations in Atlanta, Georgia, and Florida, so it is likely that Juarbe’s employees will eventually be assigned to handle those operations.
Regarding growth plans, Pérez Blanco indicated that this acquisition will not be the last. “We bet on the growth of the firm, in and outside of Puerto Rico. We are currently evaluating other mergers”the businessman maintained, although he did not advance what they are.
noted that Fulcrum does business in 25 jurisdictions in the United States, and is also a shareholder of the company Matos Corredores de Seguros, the second largest brokerage firm in the Dominican Republic.
Fulcro’s goal is to surpass $25 million in revenue by 2025. This means reaching $250 million in premiums, which would represent an increase of 47% in just two years. Currently, it manages a portfolio of $170 million in premiums.
Similarly, the firm is expanding its workforce and currently has five vacancies. “I wouldn’t be surprised if we ended the year with 100 employees,” Pérez Blanco said.
Fulcro Insurance, founded 42 years ago, is the main 100% local capital brokerage firm in Puerto Rico.
“We are 11 partners and all decisions are made in Puerto Ricois what makes us most proud,” said Pérez Blanco, stressing that the company is one of the leading Hispanic insurance brokerage firms in its segment, not only in Puerto Rico, but also in the United States and the Caribbean.
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