Uniting Forces to Drive Growth in the Insurance Industry
SAN ANTONIO–(BUSINESS WIRE)–SWBC is pleased to announce the successful merger of SWBC Property and Casualty Insurance Company (SWBC P&C) and SWBC RE, Ltd., a strategic move designed to create a stronger foundation for the growth and expansion of the property and casualty company. The merger combines the strengths of both companies, with SWBC P&C as the surviving entity. This consolidation enhances operational efficiencies, broadens market reach, and effectively reinforces the company’s ability to serve its partners and policyholders.
SWBC P&C currently issues contractual liability policies in Texas and Utah, as well as creditor-placed insurance policies in Texas. With the completion of the merger, SWBC P&C is set to expand its operations into additional states where SWBC already has a strong presence. By combining resources and expertise, the organization will be better positioned to deliver value.
Both companies held an A- (Excellent) rating from AM Best, reflecting their financial strength and commitment to policyholders. With the merger, the newly combined entity will maintain an A- rating from AM Best with a stable outlook, further reinforcing its stability and long-term viability in the market.
«We are excited about the opportunities this merger presents,» said Joan Cleveland, President and CEO of SWBC Life Insurance Company and Executive Vice President of SWBC P&C Insurance Company. «By combining our strengths, we are better positioned to expand our market reach for the benefit of our current and future clients. This merger reflects our commitment to growth and continued innovation.”
In addition to expanding geographically, SWBC P&C will actively seek new reinsurance opportunities with partners as they arise. This strategic approach will ensure continued expansion and success in the insurance industry.
“I echo the excitement regarding this merger,” said Jim Pangburn, President and CEO of SWBC Property and Casualty Insurance Company. “The alignment of the two companies combines our expertise, enhances our balance sheet, and positions us for new strategic growth opportunities. We are now in an even stronger position to serve our valued current and future partners.»
About SWBC
As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals with a wide range of insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages businesses around the world. No matter how wide its reach, SWBC always listens to our customers’ needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC’s website.
Contacts
Lisa Pinto
SWBC
210.382.1520
[email protected]
