Concordis Group, Inc. Announces Successful Written Insurance Business Through Newly Acquired Subsidiary
DESTIN, Fla., May 3, 2012 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, announced today that it has successfully written animal mortality insurance policies on valuable show horses through its wholly owned subsidiary -- Advance Underwriting Managers LLC (AUM).
Trent Sommerville, Chairman and CEO of Concordis Group, Inc. stated, "AUM has begun selling animal mortality, major medical expense reimbursement, and related optional coverage policies though a select group of independent insurance agents that specialize in the equestrian industry. AUM is also finalizing the development of the commercial equine liability and farm owner's multi-peril package with anticipated launches this quarter and projected revenue in the first full year of production of approximately $300,000, with transactional revenue on average greater than the industry norm as a result of unique processing efficiencies."
"We conservatively estimate the US market at $300,000,000 of direct written premium for our three primary products. Mergers, acquisitions and consolidations, exits, and unprofitable underwriting results leading to revisions of strategic plans and intrusive re-underwriting programs, and regulatory oversight and action have created turmoil in the commercial and personal horse insurance marketplace. Agents are unsettled, but we look forward to restoring their confidence through our vision energy, expertise, and focus to become the most successful provider of select insurance products to the equine community that is valued by our customers, appreciated by our companies, and respected by our peers and competitors."
About Concordis Group, Inc.
Concordis Group, Inc. is a diversified holding company that provides business insurance solutions through its two wholly own subsidiaries: Concordis Insurance SPC (CISPC) and Concordis Capital, Inc. (CCI). CISPC, a Cayman Island corporation, is a captive insurance company that specializes in structuring and managing alternative risk management solutions for mid-market companies. CCI, a Florida corporation, provides captive cell funding for CISPC and other businesses and organizations.
Concordis Group's business strategy is based upon strong organic growth combined with strategic acquisitions of companies in the financial services and insurance industries that create additional synergy, have positive cash-flow, exhibit strong long-term growth potential, and have highly qualified management teams.
Safe Harbor for Forward-looking Statements
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, its services and service offerings, its results to fail to materialize. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
Concordis Group, Inc.
Chief Executive Officer
SOURCE Concordis Group, Inc.