News

Southwest Reinsure, Inc. Has Been Acquired by iA Financial Group

Jan 24, 2018

Albuquerque, NM (January 24, 2018) – Southwest Reinsure, Inc. (SouthwestRe) announced today that its acquisition by iA Financial Group (iA) of Canada has been completed. When announced in September of last year, the acquisition was subject to regulatory approval. All approvals have been received, and SouthwestRe is now a fully owned subsidiary of iA.

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. iA purchased SouthwestRe in order 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 in the US, we look forward to this new chapter in our US expansion with great anticipation,” said Mike Stickney, President of iA American.

“As you might imagine, this is an important moment for our entire organization,” added Eddie Eckert, President of SouthwestRe. “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.”

In addition, iA has also completed its purchase of SouthwestRe’s affiliated insurer, Dealers Assurance Company (DAC).

About SouthwestRe

Since 1985, SouthwestRe has grown into one of the nation’s leading Third Party Administrators and providers of reinsurance programs. Through independent agents and other distribution channels, SouthwestRe offers a complete line of Finance & Insurance (F&I) products to franchise and independent automobile dealers throughout the country, who in turn offer them to their customers. SouthwestRe is perhaps best known to the general public for service contracts sold under the names First Automotive, PowerRev, ProTrek, and TruckGuard, and to its clients for its Industry-leading reinsurance programs.

About iA Financial Group

Founded in 1892, iA Financial Group is one of the largest insurance and wealth management companies in Canada. It also operates in the United States. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services, Inc.

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