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. The acquired companies, SouthwestRe (SouthwestRe.com) and DAC (DealersAssurance.com) will continue to utilize their own domain names in the future under their new parent. Both SouthwestRe and DAC can still be reached through the above URL’s.
Mr. Smith is proud to have been the founder of SouthwestRe which grew to over $250 million dollars of premium administration 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 has been retained in a consulting capacity to SWR/DAC and he not only wishes them continued and increasing success, but will do everything he can to assist in this endeavor.
Mr. Smith would like to take this opportunity to thank anyone coming to this website because of past relationships and let them know that he and Gabe Galaviz, former Executive VP of SWR, will be venturing into new areas in the future. Most of their activities will be complementary to SWR and DAC and hopefully will bring them additional business. None of their activities will be in competition with SWR and DAC. These new areas of opportunity are:
This new phase truly is a new beginning from a proud history. The foundation for our work going forward is built on insurance/reinsurance knowledge and regulatory knowledge, all supported by state-of-the art technology.
Jim is proud of the infrastructure SouthwestRe and DAC have developed over the years, and both he and Gabe hope to utilize this infrastructure and knowledge to help support their new endeavors. The above entities will operate under the new holding company Palëstra Holdings, LLC.