DESTIN, Fla., Nov. 22, 2011 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, today completed the acquisition of Advance Underwriting Managers, LLC (AUM) which was announced on October 11, 2011.
Trent S. Sommerville, Chairman and CEO of Concordis Group, Inc. stated, "We are pleased to announce we have completed the acquisition of Advance Underwriting Managers, LLC, which broadens the services we offer and creates additional long-term value for our shareholders. The integration of our AUM unit significantly expands Concordis' ability to offer a more diverse portfolio of insurance products and services."
Advance Underwriting Managers, LLC will be a wholly owned subsidiary of Concordis Group.
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.
SOURCE Concordis Group, Inc.