Texas financial firm launches Bermuda reinsurer

SAN ANTONIO--San Antonio-based Southwest Business Corp., a diversified financial services company, has established SWBC RE Ltd., a Bermuda-based reinsurer.

SWBC RE will reinsure business from a variety of insurance partners and companies, according to SWBC. The first product to be reinsured will be contractual liability contracts associated with the sale of debt projection products by these companies' financial institution clients, the company said in a statement. SWBC also will be the administrator of the debt protection business out of its San Antonio office.

SWBC provides a wide range of insurance, mortgage and investment services to financial institutions, businesses and individuals.

"We felt that SWBC RE Ltd. was the next step in the diversification of SWBC," Charlie Amato, SWBC chairman, said in a statement.

A spokesman could not be reached for comment about SWBC RE's capitalization.