Devine currently serves as a strategic advisor to insurance and investment management companies.
In addition, Tamara Kravec has been hired as the firm’s chief financial officer.
Kravec will be responsible for the company’s financial reporting, corporate development and strategy, treasury and investor relations activities.
She has served as a consultant to Advantage since August this year and will be based in Advantage’s San Juan headquarters.
Walter Keenan, CEO of Advantage, said: “We are excited to have Colin Devine join our board of directors. He brings considerable insurance expertise and valuable strategic insight as we look to significantly grow our core private placement life insurance business.”
Keenan added: “We are extremely pleased to have Tamara Kravec join our team. She has extensive industry knowledge in the financial services and insurance sectors, and highly relevant experience both analysing and consulting for life insurance companies.”
Advantage's primary lines of business include private placement life insurance, captive insurance management and alternative risk transfer services.