Agent Entrepreneur Publisher, Adam Kimber, sat down with Jim Smith, CEO of SouthwestRe, to discuss the re-insurance industry. Hear from a true industry veteran on what re-insurance is, the thought behind it and why it’s valuable to agents.

SouthwestRe Interview Questions

Introduction Question:

The question that gets asked a lot, there is a presumption that you’re doing business here in the Turks and Caicos Islands in order to avoid paying taxes. Can you set the record straight on that?

Question One (2:37)

You have insurance and you have reinsurance. What is the difference between the two?

Question Two (3:47)

Jim, explain more for our audience what reinsurance is.

Question Three (5:47)

Jim, tell me, what are the insurance products that are re-insurable?

Question Four (7:00)

Jim, SouthwestRe is a company that does a lot of things and you really pride yourself and your company’s ability to take the dealer from the cradle to the grave so to speak. Tell us about SouthwestRe and everything that you do.

Question Five (8:45)

Now Jim, we are in the Turks and Caicos Islands, tell me about the regulatory environment.

Question Six (10:43)

Jim, you’ve told us about the insurance regulatory environment, what about the tax environment?

Question Seven (11:55)

Jim, reinsurance can sometimes be confusing for people, even people in our audience have questions about it. Tell us, just really simply, what is reinsurance, what is the thought behind it, why is it of value?

Question Eight (13:25)

Jim, at Agent Entrepreneur, we have had agents ask the question, how would I benefit from this program?

Question Nine (15:02)

Jim, for a dealership to implement a reinsurance program, what is the critical mass that that dealership needs to have?

Question Ten (16:52)

Jim, with such a minimal investment up front to start a reinsurance company, how does it work as far as having enough reserves to cover claims?

Question Eleven (18:50)

Jim, obviously, this is Agent Entrepreneur Magazine, so tell me, how does the agent participate in the profit sharing you have spoken about?

Question Twelve (20:24)

Jim, tell us, what are the building blocks of a reinsurance program?

Question Thirteen (23:19)

Jim, we’ve been talking about all the positives and all the good things that are going on. That’s not always the case. There are some bad things that happen. Can you elaborate on that?

Question Fourteen (25:05)

Jim, I do appreciate the time with you here on this beautiful island. Looking forward, for reinsurance, and the profitability and the liability of it, what is your outlook going forward?