Doral Insurance Agency has acquired CitiSeguros PR Retail Bank insurance portfolio to strengthen and grow all of its business lines by adding new programs and expanding its product offering.
The transaction with CitiSeguros, a Citigroup subsidiary, will add more than 10,000 new clients with insurance policies in personal and commercial lines, including health, life, disability, auto, property, and casualty.
The acquisition is in line with the company’s strategy of expanding its insurance product lines, which up until now concentrated on offering insurance products related to residential mortgages, such as title and property. Doral has now become a general agency and expanded its product line to include the full line of insurance products.
Doral Insurance Agency has appointed Carlos Ramos as the operations and reporting manager of the company. Prior to joining Doral, Mr Ramos was vice president of the credit card acquisition division for Citibank USA, where he handled the Puerto Rico and Virgin Island markets.