Southwest Business Corporation, a San Antonio-based diversified financial services company, announced yesterday that it has formed a reinsurance company in Bermuda.

Historically, Southwest Business Corporation has provided insurance, mortgage and investment services to financial institutions, businesses and individuals. According to the company's Web site, the firm, which started up in 1976, has been providing tailored insurance programs through an affiliation with Lloyd's since 1990.

In a statement, the company said it found it necessary after a period of tremendous growth over the past three years to set up the new Bermuda reinsurer–called SWBC RE, Ltd.–to enhance products and services it's been providing to clients.

According to Chairman Charlie Amato, “We felt that SWBC RE, Ltd. was the next step in the diversification of SWBC.”

“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.”

The company said the first product set to be reinsured by SWBC RE, Ltd. will be liability contracts associated with the sale of debt protection products by its financial institution clients.

Primary insurance products currently placed by Southwest Business include directors and officers liability, professional liability, personal insurance, insurance related to e-commerce liability, special event coverage, business property, liability and income protection, workers' compensation, auto insurance, and ocean cargo.

The Web site also indicates that the insurance agency wrote nearly $400 million in property-casualty premiums in 2006.

Special Reports /

New Bermuda Reinsurer Launched

Related Stories

Recommended For You