On June 29, in the year 2000, Popular took an innovative step that changed the landscape of the insurance industry in Puerto Rico.
Popular Insurance LLC began with 12 employees and an ambitious mission. Today, 25 years later, it has not only grown in size and scope but has helped thousands of customers insure against their vulnerabilities.
Popular Insurance offers a wide range of products and services designed to protect both individuals and businesses in Puerto Rico, offering coverage for cars, properties, health, life, and travel, among others. They also offer specialized insurance and provide solutions for businesses, including property insurance, civil liability, business interruption, and title insurance.
An extraordinary opportunity
The history of Popular Insurance began in 1997, when Ramón Lloveras, then director of the Legal Division of Popular Inc., was asked to explore how Popular could enter the insurance business. “We realized that the insurance offering in Puerto Rico was very limited, and we had to begin a process of educating insurance consumers,” said Ramón Lloveras, president of Popular Insurance. At that time, a small, specialized team began to build Popular Insurance from scratch, writing the strategies to start the business. But this operation as we know it today would not exist without the strategic alliances that define us as an organization. The first strategic acquisitions with R&B Insurance, Del Nido y Asociados, and J. Argomaniz paved the way for sustained growth. These acquisitions not only expanded the product offering but also brought key talent into the team. In 2003, Popular Inc. entered the reinsurance business with the creation of Popular Life Re, and in 2008 it established the insurance producer Popular Risk Services LLC. Beyond its strategic achievements, what truly sets Popular Insurance apart is its people. A team that gives it their all
Verónica Oliveras has been with Popular Insurance since day one, forming part of the small group following the acquisition of the R&B Insurance agency. Over time, thanks to her analytical skills and willingness to learn, she has evolved to become a senior underwriter in the personal lines area. “My daughter was Popular Insurance’s first baby. You become a family. We have grown a lot with mergers, and it has always been about establishing a collaborative environment,” Veronica shared. Her story reflects the quiet but steadfast commitment of those who have built Popular Insurance from within. During Hurricane Maria, the team responded with exemplary dedication, both to customers and employees. "We were here 48 hours after Hurricane Maria hit. We had food for the employees, and they brought their children. We had entertainment for them so they could spend the whole day in air conditioning. We had water, breakfast, snacks, movies, games, etc.," Ramón shared. He remembers this time as a difficult one, but at the same time, he is proud of the resilience and dedication of the team, who handled more than 50,000 hurricane-related claims diligently and, above all, with great compassion. Education as a catalyst for change
According to Cristina Pedraza, Senior Vice President of Insurance Distribution, most people don't understand the importance of being insured and did not have access to clear information about the products available.
“I am convinced that we are doing extraordinary social work that impacts many people on a daily basis; we are talking about protection,” said Ramón.
A clear vision for the future
Since its start, Popular Insurance has operated with a well-defined strategy that has enabled sustained growth and positioning itself as a leader in the insurance industry in Puerto Rico.
This anniversary not only celebrates a business trajectory, but also the collective effort of more than 100 employees and thousands of customers.
The vision is clear: to remain market leaders, expand, and continue educating the population about the importance of being insured.
"I have never held a more important job than this. Knowing that your team is helping people at their worst—or best—moments in life is meaningful. I know that my team puts their heart into what they do, and they never lose sight of what matters," said Ramón Lloveras.
25 years later, Popular Insurance continues to fulfill its promise: to protect, educate, and support its customers at every stage of life.