Tag Archive | "SouthwestRe"

SouthwestRe Wins Second Straight Gold Award for Service Contract Reinsurance

ALBUQUERQUE, N.M. — SouthwestRe Reinsure Inc. (SouthwestRe) has been awarded the 2018 Dealers’ Choice Gold Award for Service Contract Reinsurance. This marks the second year in a row that SouthwestRe has won this prestigious award.

The Dealers’ Choice awards are determined by a survey sent to readers of Auto Dealer Today and F&I and Showroom magazines. Voting was open solely to dealers and dealership personnel.

“All of us at SouthwestRe are very grateful to everyone who voted once again to recognize the enormous value of SouthwestRe’s reinsurance programs,” said Eddie Eckert, president of SouthwestRe. “Clearly, an annual trend is in the making, as more and more dealerships have chosen to recognize our company in this extraordinary fashion. From the bottom of my heart, thank you to everyone who voted. This is appreciated more than you could possibly know.”

Carmen Torres, vice president of sales and marketing for SouthwestRe, added: “To win the Dealers’ Choice Gold award for two years in a row is such a gratifying experience. Now that SouthwestRe is a part of iA Financial Group, and now that we have two Dealers’ Choice Gold awards to our name, our dealership partners can expect us to raise the bar even higher and work that much harder for them. Although we are striving for a Platinum or Diamond award in multiple categories next year, we are honored to receive the Gold award again this year. This tells us that our efforts continue to be recognized throughout the Industry, and we appreciate the confidence our dealership partners have in us.”

The Dealers’ Choice Awards will be presented during a special ceremony at Industry Summit, held from October 8-10 at the Caribe Royale Orlando Hotel & Convention Center in Orlando, Fla.

“Congratulations to SouthwestRe for earning a second consecutive Gold award for Service Contract Reinsurance,” said Tariq Kamal, Associate Publisher of Auto Dealer Today and F&I and Showroom. “It is a difficult feat in a highly competitive category.”

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Canada’s iA Financial Group Completes Acquisition of SouthwestRe, DAC

ALBUQUERQUE, N.M. and COLUMBUS, Ohio — iA Financial Group (iA) of Canada has finalized its acquisition of Southwest Reinsure Inc. (SouthwestRe) and its insurance arm, Dealers Assurance Co. (DAC), after receiving the necessary regulatory approvals. Both companies will now operate as fully owned subsidiaries of iA.

In September, iA announced it had signed an agreement to acquire SouthwestRe and DAC, with officials saying the purchase would allow the company to expand its footprint in the United States.

“With our solid track record in the extended warranty business in Canada together with the established presence of SouthwestRe [and DAC] in the U.S., we look forward to this new chapter in our U.S. expansion with great anticipation,” said iA American President Mike Stickney.

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 Canadian auto dealerships.

SouthwestRe was founded in 1985 as a third-party administrator and provider of reinsurance programs. DAC’s roots date back to 1935. It operates as a property and casualty insurance company with offices in Columbus, Ohio, and Dallas. The company primarily serves the automotive, consumer goods and related lending industries.

“Unlike many transactions in our industry, iA has a long-term view of this acquisition and the industry in general,” said Kristen Gruber, who has served as president of DAC since 2014. “With the resources and stability that iA brings to the table, we look forward to becoming one of the premier warranty insurers in the U.S.”

Eddie Eckert, president of SouthwestRe, added: “As you might imagine, this is an important moment for our entire organization. For the past 32 years, we have worked very hard to earn the patronage of each and every individual who has done business with SouthwestRe. Come what may, that will never change. If anything, we will work that much harder to win your business.”

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SouthwestRe Announces Extensive Updates to Its TruckGuard Class 3-8 Truck Program

ALBUQUERQUE, NM – SouthwestRe announced today that it has made many new and significant updates to its TruckGuard Class 3-7 and Class 8 vehicle service contract program. In addition, the Company unveiled a new TruckGuard Dealer-Certified Limited Warranty program for Class 3-7 and Class 8 trucks. This is the first time SouthwestRe has offered a limited warranty program for these vehicles.

“We spent a lot of time researching the Industry and working with our dealer and agent partners to develop a product that provides the coverage, options, and additional benefits that today’s truck owners need,” said Jamie Jerabek, Vice President of Product Development and Underwriting for SouthwestRe. “I think the product that we’ve developed really meets those needs, and I’m eager to get it into the hands of dealers, because I really believe that they and their customers are going to love it.”

TruckGuard Class 3-7 and Class 8 vehicle service contracts now offer the following benefits and options:

  • The coverage levels have been updated, and include more components than ever before.
  • Emergency Roadside Assistance is now included with all coverage levels, and features a new Mobile Mechanic Service that provides roadside repairs.
  • A new Transportation Expense Reimbursement benefit allows contract holders to choose taxi services, public transportation, incorporated ridesharing services, as well as a traditional car rental while their truck is in the shop for a covered repair.
  • A wide variety of additional coverage options are now available:
    • Aftertreatment Package.
    • Auxiliary Power Unit (APU) Components.
    • Compression-Release Engine Brake Components.
    • Diesel Particulate Filter (DPF).
    • Essential Engine Components (included for all coverage level terms for up to 12 months, and may be purchased for higher coverage level terms).
    • Exhaust Gas Recirculation (EGR) Valve.
    • Dual-Loop Exhaust Gas Recirculation (EGR) System.
    • Refrigeration Unit (for Class 3-7 trucks only).
  • Both vocational and non-vocational trucks are now eligible for coverage. Previously, TruckGuard did not offer coverage for vocational trucks.

In addition, SouthwestRe is now offering a new TruckGuard Dealer-Certified Limited Warranty program for Class 3-7 and Class 8 trucks. Highlights of the program include:

  • Coverage is available for Class 3-7 and Class 8 vocational and non-vocational trucks.
  • Towing reimbursement coverage is included, up to $375 per repair visit.
  • The dealer that has their own repair facility now has a product that they can include with the sale of every eligible truck.

“I believe that the changes that we’ve made to our new TruckGuard product will make it one of the most sought-after programs in the Industry,” Jerabek said.

If you are a dealer or an independent agent and would like more information about SouthwestRe’s TruckGuard programs, please call 866-414-3867, or email email hidden; JavaScript is required.

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SouthwestRe Recruiting Independent Agents to Service New Territories in Expansion Effort

ALBUQUERQUE, NM – SouthwestRe announced today that it plans to aggressively expand into new territories beginning in the 2017 calendar year. The Company is now recruiting independent agents to support this effort throughout the continental United States.

“Our expansion plans have been long in the making, and we are eager and excited to put them into action,” said Eddie Eckert, President of SouthwestRe. “Although SouthwestRe has strong relationships with many agents throughout the country, there are many states where we currently lack representation. With the assistance of our new and veteran agent partners, we expect SouthwestRe’s nationwide footprint to expand dramatically in the coming year and beyond.”

As part of its comprehensive commitment to agents, SouthwestRe offers:

  • Agent-controlled commissions – agents have the power to determine their financial success
  • A suite of over 30 F&I products – automotive, powersports, RVs, and class 3-8 trucks
  • Agent and dealer reinsurance programs – for every situation, and all of our products are reinsurable
  • OLÉ – SouthwestRe’s suite of online assistant tools, integrated with many F&I menu systems
  • Personal training – both one-on-one, and through regular webinars and agent seminars
  • Two in-house claims departments – fast, friendly, fair adjudication in Dallas and Albuquerque
  • Expert Sales Support – to help agents seal the deal, either by phone or right on premises
  • Client Services – with the right answers and personal support agents need
  • Marketing Solutions – with proven, quality POS materials that engage customers and really sell

“I would like to encourage all independent agents to learn more about SouthwestRe today,” Eckert said. “We pride ourselves on being ‘The Right Choice’ for agents, with the right products, the right service, and the right results. A partnership with the right company can be very beneficial to an agent’s career, and without a doubt, SouthwestRe is that company.”

If you are an independent agent and would like to join SouthwestRe in its expansion efforts, please click here, email email hidden; JavaScript is required, or call 866-414-3867. Note: SouthwestRe works with independent agents only. This is not a solicitation for direct employment.

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SouthwestRe Introduces Motorcycle Appearance Protection

ALBUQUERQUE, NM – SouthwestRe announced today that it has added Motorcycle Appearance Protection by PowerRev to its suite of F&I products. Motorcycle Appearance Protection is designed to keep motorcycles looking great long after they have left the showroom by guarding against conditions that can severely damage a motorcycle’s paint, chromed metal, and upholstery.

“There are four different coverage levels that dealers can offer their customers,” said Jamie Jerabek, Vice President of Underwriting and Product Development for SouthwestRe. “Bronze and Silver protect against the most common causes of appearance failure, such as fading caused by the sun and other environmental factors, as well as stains to leather, vinyl, and fabric upholstery caused by food or drink.”

“As their names suggest, Gold and Platinum offer our highest levels of appearance protection,” Jerabek said. “This includes damage caused by insects, road salt, lipstick, ink, and more. Unlike Bronze and Silver, Gold and Platinum also provide coverage for rips and tears, burns, cracks, and punctures. All told, Gold protects against 33 causes of failure, while Platinum protects against 38 different causes.”

“It is very important to protect a motorcycle’s appearance before problems begin,” Jerabek said. “This product does exactly that. With the application of an approved appearance product, Motorcycle Appearance Protection by PowerRev will help keep a customer’s cruiser or sports bike looking great for years to come.”

If you are an agent and would like to offer this program to your dealer clients, please email email hidden; JavaScript is required or call 866-414-3867. Motorcycle Appearance Protection is available to franchise and independent dealers throughout the United States, except in Alaska, Florida, Hawaii, and New York.

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Turks and Caicos Regulator Engages Leading Reinsurance Industry Professionals

The Turks and Caicos Islands Financial Services Commission (“Commission”) met today with 20 leading reinsurance experts to elicit their views on proposed improvements to the Islands’ regulatory regime and explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies. Turks and Caicos (“TCI”) regulates several thousand such companies, which pay tax in the United States and participate in closely regulated insurance programs that protect U.S. consumers.

The three-hour session, jointly organized with local professionals, took place on the island of Providenciales, and covered avenues for growth, a more efficient licensing procedure, improved due diligence standards, enhanced service levels, consumer protection and the financial strength of administrators and direct writers who underwrite the programs. A commitment was also reached to form a joint working group that will continue and expand upon the progress made at the meeting.

Niguel Streete, the Commission’s Managing Director and host of the meeting said “The Commission is committed to and passionate about the success of the Turks and Caicos Islands as a niche market for Producer Owned Reinsurance Companies. This success is achieved through continued engagement with the industry to ensure the highest standard of service and appropriate regulation to protect the reputation of the jurisdiction and the ultimate customers of these reinsurance companies. Today’s meeting is a reflection of this engagement.”

Attendees expressed their approval of the transparent, consultative approach taken by the Commission and voiced their desire to work cooperatively with the regulator to strengthen the domicile.

Following the meeting, Greg Petrowski of GPW and Associates stated he was confident that the good working relationship the industry enjoys with the Commission will continue to improve.

SouthwestRe CEO Jim Smith commented that it was the most productive meeting with a TCI regulator that he has attended, and went on to add that he was both impressed with and appreciative of the attitude expressed by the new FSC Managing Director, Niguel Streete and his team in working with the industry.

Diane Barone of Century Automotive Service Corp. stated “My clients recognize TCI as an excellent place to form their reinsurance companies. My confidence in the domicile was bolstered by this meeting.”

Robert Fox of Buckeye Dealership Consulting added, “The Commission is sending the right message to our industry. I welcome their prudent and serious approach to regulation which serves my clients well.”

Reinsurance Associates’ Mark Genova remarked “I was encouraged by the collaborative proposals of the Commission, and look forward to continuing our long-standing relationship with TCI.”

The Commission and industry representatives agreed to meet again within a year to revisit the matters discussed at the meeting and consider new initiatives arising from the efforts of the joint working group.

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