San Antonio-based Southwest Business Corporation (SWBC) has formed a Bermuda reinsurance company, SWBC RE Ltd., the company announced.
SWBC said the impetus for creating the reinsurance company stems from SWBC’s tremendous growth over the past three years and the need to enhance the products and services it provides to clients.
“We felt that SWBC RE Ltd. was the next step in the diversification of SWBC,” said Chairman Charlie Amato in the announcement. “We have offices in 27 states across the country and now in Bermuda. SWBC chose Bermuda because it’s the most reputable location when it comes to the reinsurance market.”
SWBC RE Ltd. will be reinsuring business from a variety of insurance partners and companies. The first product that will be reinsured by SWBC RE Ltd. will be contractual liability contracts associated with the sale of debt protection products by their financial institution clients.
SWBC, out of the San Antonio office, will be the administrator for the debt protection business.
Source: SWBC, www.swbc.com.
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