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United Surety & Indemnity Company (USIC)
United Surety & Indemnity Company was established in Guaynabo, Puerto Rico, in 1990 by the late Don Antonio Blanes.
United Surety & Indemnity Company (USIC)
United Surety & Indemnity Company was established in Guaynabo, Puerto Rico, in 1990 by the late Don Antonio Blanes. Under the current leadership of President and CEO Rafael Blanes, the firm has expanded from a mono-line surety operation into USIC Group, a diversified insurance enterprise with property, casualty, life, and builder's risk offerings. The holding structure signals an insurance group that manages its general account with a direct-investment discipline uncommon among regional carriers. USIC splits its asset deployment across physical real estate and fixed income. On the property side, the group's most visible deployment is Bahía Urbana, the mixed-use redevelopment of Piers 6, 7, and 8 in San Juan. On the credit side, the firm maintains a municipal bond portfolio concentrated in Puerto Rico, a posture documented by the group's ACODESE membership and its long-duration liability matching. The insurance operation anchors the strategy: premium income from surety bonds, property policies, and life contracts generates the low-cost float that funds these direct investments. The firm employs roughly 20 professionals across its Guaynabo headquarters, with named C-suite leadership spanning finance, operations, technology, and legal affairs. Jacobo Ortiz Blanes—a board member and investment committee participant—also serves as the group's key real estate developer, directly linking the underwriting operation to the property portfolio. Philanthropic activity runs through Make-A-Wish Foundation of Puerto Rico and United Way of Puerto Rico, alongside the group's membership in IREM and ACODESE. USIC's structural differentiator is its hybrid model: a regulated insurance carrier that deploys general account assets as a direct principal investor in commercial real estate and Puerto Rican municipal bonds. There is no intermediary fund structure or third-party LP capital—the investment program is entirely captive, funded by policyholder premiums, and governed by an in-house board and investment committee.
General information
Firm type
Insurance
Year founded
1990
AUM
Undisclosed
Location
Region
North America
Country
Puerto Rico
City
Guaynabo
Corporate office
Tabonuco B-7, T-Mobile Center, Suite 1200, Guaynabo, PR 00968
Principals
Rafael Blanes
President & CEO
Jorge Junquera
Chief Financial Officer
Rachel Fernandez
Chief Business Officer
Ruth Gerena
Chief Operations Officer
Nahomi Rodríguez
Chief People Officer
Israel Lorenzana
Chief Information Officer
Jacobo Ortiz Blanes
Board Member, Investment Committee
Sector focus
Frequently asked questions
How does USIC invest its general account assets?
USIC deploys premium float directly into Puerto Rican real estate and municipal bonds, without external LP capital or a fund structure. The firm owns Bahía Urbana, the San Juan waterfront mixed-use project spanning Piers 6, 7, and 8, and maintains a bond portfolio concentrated in Puerto Rico. These investments are managed by an internal investment committee that includes Jacobo Ortiz Blanes as the primary real estate developer.
Who makes investment decisions at USIC?
The board and an internal investment committee direct asset allocation. Jacobo Ortiz Blanes, a board member with a Certified Property Manager designation from IREM, leads real estate investment and development for the group. President and CEO Rafael Blanes oversees the overall strategy alongside the C-suite team listed on the firm's website.
What is the relationship between USIC Group and United Surety & Indemnity Company?
USIC Group is the parent holding company that sits above United Surety & Indemnity Company and USIC Life Insurance Company. The group structure was formed in 2002 when the original surety business expanded into a multi-line insurer offering property, casualty, life, and builder's risk products. All investment activity flows through the group's consolidated general account.
How is USIC's financial strength rated?
The firm has maintained an 'A Excellent, Stable Outlook' rating from A.M. Best for 28 consecutive years. The brand's #1 market narrative references "solidez financiera" (financial strength) as its core customer promise, and the group cites this rating as the foundation that allows it to meet claims obligations while continuing to grow its investment portfolio.
What real estate assets does USIC own?
The flagship property is Bahía Urbana, the redevelopment project at Piers 6, 7, and 8 in San Juan. The group also owns its headquarters at Tabonuco B-7 in the T-Mobile Center in Guaynabo. Real estate is managed as a direct principal investment, not through external fund commitments.
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