A New Beginning from a Proud History
On January 23rd, 2018, James B. Smith sold Southwest Reinsure, Inc., SouthwestRe (it’s parent) and Dealers Assurance Company (DAC) to Industrial Alliance America, a subsidiary of Industrial Alliance (IA), one of the largest life insurance companies in Canada.
James B. Smith retained the rights to Reinsure.com; therefore this message is from Jim Smith, the individual, rather than SouthwestRe, DAC or IA, the new owner of his former companies.
A History of Success
Mr. Smith is proud to have been the founder of SouthwestRe which grew to over $250 million dollars of annual premium administration through over 1,000 auto dealers at the time of sale and to have led the growth of DAC from less than $10 million of Capital and Surplus when he purchased DAC in 2004 to over $65 million of Capital and Surplus at the time of sale in 2018.
Mr. Smith wishes IA continued success for these two companies in the next phase of their operations.
Mr. Smith would like to take this opportunity to thank anyone coming to this website because of past relationships or just seeing this for the first time and let them know that he will be venturing into new areas in the future. The new activities will not compete with IA but will embark on new endeavors taking advantage of the current technological and social media environment that exists today. These new areas of opportunity are:
- Reinsure.com – This domain will ultimately serve the function that it is uniquely suited for, which is the dissemination of information and a repository of knowledge on reinsurance. As a matter of information, reinsurance is well over a half a trillion-dollar industry, so there is plenty of opportunity. The method for disseminating reinsurance information is still evolving, but hopefully reinsure.com will become a portal that will be suited for specific product and program information (and opportunity) as well as general Industry information.
- Palëstra Holdings, LLC. – Palestra is a holding company that will own or invest in companies that will follow the technology growth occurring in society today, specifically focused on the marriage of insurance and technology. Some of the investments include:
- FiStream, Inc. (FiStream.com) – FiStream is a premium finance company for vehicle service contracts and the newest product Home Warranties, which heretofore have not been strongly penetrated through direct marketing channels. FiStream, run by Jason Schmuck, utilizes it own proprietary software and additionally has developed a financing model unique in its Industry.
- Warranty Global Group (WGG) (GlobalHomeUSA.com) – WGG has developed a unique product in the home warranty industry where the home warranty producers can share in the profits of this product. WGG is run by Gabe Galaviz who was instrumental in setting up the claims and administration of Jim’s former companies and now utilizes those strengths with WGG. WGG’s goal is to continue its expansion while developing new distribution channels. WGG provides complete policy administration for its Home Warranty products, including monthly pay, which we believe to be integral to the next generation of product distribution.
- Your Renters Insurance Group (YRIG) (YourRentersInsuranceGroup.com) – YRIG is a revolutionary concept in the Renters Insurance marketplace. YRIG will be distributing renters insurance through apartment owners, managers and other real estate-related entities. In addition to the traditional HO4 products, YRIG has developed a new product, Security Deposit Insurance designed to lower the initial up-front cost to the tenant. YRIG is ahead of the marketplace in this area. YRIG is run by Doug Keys, who was initially instrumental in the formation and development of WGG but now has turned his attention to making YRIG an even bigger success.
Entering a New Phase
This new phase is a new beginning from a proud history. The foundation for our work going forward is built on insurance/reinsurance knowledge and regulatory and administrative knowledge, all supported by state-of-the art technology.
Jim is proud of the infrastructure he has helped develop over the years, and he hopes to utilize this knowledge to help support the new endeavors. The above entities will operate independently or under the new holding company, Palëstra Holdings, LLC.