Tag Archive | "Jim Smith"

Southwest Reinsure, Inc. Announces Acquisition by iA Financial Group of Canada


ALBUQUERQUE, NM – Southwest Reinsure, Inc. (SouthwestRe) announced that it will be acquired by iA Financial Group (Industrial Alliance Insurance and Financial Services, Inc.) of Quebec City, Canada. The acquisition is subject to regulatory approval. iA Financial Group (iA) is purchasing SouthwestRe in order to expand its footprint in the United States. Founded in 1892, iA is one of the largest life and health insurance companies in Canada as well as one of the largest F&I providers for auto dealerships in Canada. “This is an exciting moment for me and the entire SouthwestRe organization,” said James B. (Jim) Smith, SouthwestRe’s founder and Chief Executive Officer. “I am confident that what we started over 32 years ago can be the foundation for even greater growth in the future, especially given the resources and backing of iA.” Eddie Eckert, the President of SouthwestRe, reinforced the point, stating “We will continue to provide the same level of service, commitment to excellence, and leadership in reinsurance applications in an increasingly complex regulatory environment that has been a benchmark of our Company.” “Having built a solid presence in personal insurance in the US and after close consideration of strategic opportunities to enlarge our US footprint, we have chosen to make our next move in the automobile warranty market,” commented Yvon Charest, President and CEO of iA Financial Group. “This is a business where we have built tremendous know-how and experience over the last 20 years in Canada, which we now want to leverage in the larger US market.” “The US market for extended warranties is about $15 billion or ten times that of Canada,” added Mike Stickney, President of iA American. “It is very fragmented with significant opportunity for growth and consolidation. With our solid track record in the extended warranty business in Canada together with the established presence of SouthwestRe in the US, we look forward to this new chapter in our US expansion with great anticipation.”

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Three Reasons to Register for Agent Summit Today


LAS VEGAS — Organizers of the upcoming Agent Summit have posted three videos explaining the value proposition of the industry’s only event designed by and for agents and agent principals, which will be held May 9–11, 2016, at the Venetian Palazzo Las Vegas. The videos feature Randy Crisorio, president and CEO of United Development Systems Inc. (UDS) and show chair of the event’s advisory board. “Randy’s confidence and enthusiasm for this event is palpable,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom. “He believes in the agenda he and the advisory board created and he wants every agent in the country to attend.” To watch the videos, click the links below:
  1. Attention Agent Principals! offers a preview of the Agent Principals Only Breakfast & Roundtable, which will feature a featured presentation by agent and F&I product executive Andy Gill, a choice of four roundtable discussions, a sponsored breakfast and exclusive giveaways.
  2. Reinsurance Symposium 2016 is a run-through of the fourth annual pre-conference Reinsurance Symposium. This year’s symposium includes an address from SouthwestRe’s Jim Smith, a panel discussion and an economic and market overview by BOK Financial’s Jim Huntzinger.
  3. Agent Summit Program Highlights opens with Johnny Rivers playing his 1966 hit, “Secret Agent Man,” before Crisorio delves into the Agent Summit agenda, which includes featured presentations and panel discussions devoted to Technology, Compliance, Training, Coaching & Development, Profit Opportunities and Selling to Dealers.
Registration, hotel and travel information for Agent Summit is available at the event’s website as well as by phone, fax and email.

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Jim Smith to Headline 2016 Reinsurance Symposium


LAS VEGAS — Organizers of the annual Agent Summit have announced that SouthwestRe’s Jim Smith will deliver the keynote address at this year’s Reinsurance Symposium. The pre-show event will begin at 11:00 a.m. on Monday, May 9.

“Jim Smith is among the reinsurance industry’s most prominent and knowledgeable figures,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom. “Agents will walk away from Jim’s session empowered to deliver knowledgeable reinsurance presentations to their dealer clients.”

Smith founded SouthwestRe in 1985 and serves as the company’s CEO. He is a frequent speaker at automotive and insurance industry events. This year will mark Smith’s second appearance at Agent Summit.

Smith will present “The Landscape of Reinsurance” at 12:10 p.m. He pledged to deliver a comprehensive and forthright analysis of how various types of reinsurance programs benefit agents and dealers.

“I am both excited and honored to return to Agent Summit. Agents have been a driving force in reinsurance,” Smith said. “We’re going to do a little math, talk about how valuable the agent is to the business and explore all the wonderful opportunities our industry has to offer.”

Registration for Agent Summit 2016 is open at the event’s website as well as by phone, fax and email. Attendees who register by April 4 will enjoy a $100 discount. To inquire about sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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Jim Smith to Headline 2016 Reinsurance Symposium


LAS VEGAS — Organizers of the annual Agent Summit have announced that SouthwestRe’s Jim Smith will deliver the keynote address at this year’s Reinsurance Symposium. The pre-show event will begin at 11:00 a.m. on Monday, May 9.

“Jim Smith is among the reinsurance industry’s most prominent and knowledgeable figures,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom. “Agents will walk away from Jim’s session empowered to deliver knowledgeable reinsurance presentations to their dealer clients.”

Smith founded SouthwestRe in 1985 and serves as the company’s CEO. He is a frequent speaker at automotive and insurance industry events. This year will mark Smith’s second appearance at Agent Summit.

Smith will present “The Landscape of Reinsurance” at 12:10 p.m. He pledged to deliver a comprehensive and forthright analysis of how various types of reinsurance programs benefit agents and dealers.

“I am both excited and honored to return to Agent Summit. Agents have been a driving force in reinsurance,” Smith said. “We’re going to do a little math, talk about how valuable the agent is to the business and explore all the wonderful opportunities our industry has to offer.”

Registration for Agent Summit 2016 is open at the event’s website as well as by phone, fax and email. Attendees who register by April 4 will enjoy a $100 discount. To inquire about sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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President Once Again Takes Aim at Reinsurers


By: Gregory Arroyo

For the sixth time, President Barack Obama is taking aim at reinsurers, including in his fiscal-year 2016 budget language that would end some of the tax benefits they enjoy. Market insiders, however, believe the administration’s latest attempt to tax foreign reinsurers will once again receive little support from members of Congress.

In his budget presented on Monday, Feb. 2, the president proposed to make reinsurers pay a 14% one-off tax on cash held offshore and a 19% tax on future earnings. If passed, the proposal would make the cost of reinsurance, especially catastrophic coverage, more expensive.

According to insurance ratings company A.M. Best Co., the proposal is fielding strong opposition from member of Congress representing states that have considerable exposure to natural catastrophes. “Their concern is that a tax increase could lead to increased costs for (re)insurance coverage, or possibly a decrease in allocated (re)insurance capacity for less profitable risks,” the firm stated, in part. “Accordingly, any resolution of this issue could be years away.”

According to an economic study by the Tax Foundation’s Center of Federal Tax Policy, the president’s measure and similar legislation proposed by Reps. Richard Neal (D-Mass.) and Bill Pascrell (D-N.J.) and Sen. Robert Menendez (D-N.J) would cost the economy more than four dollars for every dollar raised. The study also projected that over the long term, the United States’ GDP would experience $1.35 billion in losses, which is approximately twice the revenue it would collect.

“The proposal is well thought out and serious, but ultimately mistaken on the policy merits,” the report states, in part. “While the deduction eliminated is neatly matched with income exclusion, there are substantial drawbacks to the proposal.”

In recent years, Democrats and Republicans have fought over ways to tax the huge stockpiles of cash held abroad by U.S. companies. Democrats want these companies to pay the current U.S. corporate tax rate of 35% on overseas profits, which Republicans have fought. However, Senator Rand Paul has signaled his support for a 6.5% tax.

“If anything were passed, it would probably be the 6.5% tax, which would still make the non-controlled foreign corps. a favorable alternative, especially for producers way above the small casualty insurance company threshold premium of $1.2 million per year,” noted Jim Smith, chairman of SouthwestRe. “I think the consensus is that with a Republican Congress and Democratic President, not much of anything is going to happen, and this proposed tax increase has even less chance than other bills.”

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SouthwestRe Celebrates 30 Years of Excellence


ALBUQUERQUE, N.M. – SouthwestRe, a leading Third Party Administrator based in Albuquerque, New Mexico, is pleased to announce that 2015 marks its 30th year in business. Plans are currently being made to recognize this important anniversary with events throughout the year, beginning with a kick-off celebration during the NADA convention in San Francisco later this month.

“In 1985, we launched SouthwestRe with the goal of providing our clients with maximum profit for minimum risk,” said Jim Smith, Founder and Chief Executive Officer of SouthwestRe. “With the arrival of 2015, I am happy to say that we continue to focus on achieving that goal for all of our clients each and every day.”

“Over the past 30 years, SouthwestRe has played an important role in helping to build our industry into the thriving concern it is today,” Smith said. “It’s a great business to be in, and I’m very gratified that SouthwestRe has been such an integral part of its history.”

From its humble beginnings in a small office with only a few employees, SouthwestRe has grown into a highly successful business with over 100 employees, a multi-story headquarters in Albuquerque, New Mexico, and a 16,000 square foot Call Center located in Dallas, Texas.

“Our Company has grown tremendously over the years, and that could not have happened without the hard work and dedication of everyone on our staff,” said Eddie Eckert, President of SouthwestRe. “If I’m proud about one thing, it’s our people. They give their all each and every day, and I am forever grateful to be able to work alongside them. They are SouthwestRe.”

To begin its year-long 30th anniversary celebration, the Company will host a special cocktail reception for agents during the upcoming NADA convention. Other events will be announced throughout the year.

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