Concordis Group, Inc. (OTC Markets: CNGI) Announces The Acquisition Of A Rapidly Growing Equipment Insurance Company
DESTIN, Fla., May 22, 2012 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, made public the acquisition of Reber and Associates, which the Company acquired on February 20, 2012.
Specializing in insuring a broad range of equipment on behalf of financial institutions, nationally renowned and respected Reber and Associates focuses on businesses and organizations with significant medical, financial, communication, facility, information technology, and office equipment inventories. By providing specialized risk management products and services, Reber and Associates is able to lower costs so businesses can reinvest capital in more productive areas. Targeted markets include hospitals and clinics, banks and credit unions, media and broadcasting companies, colleges and universities, state and municipal government agencies.
Chairman and CEO of Concordis Group, Inc., Trent Sommerville, stated, "This acquisition [Reber] complements our RENTALMASTER Product that we announced back on October 8, 2011. Equipment lessors will be attracted by the competitive yet adequate premiums Reber can provide through supplemental lines, and with more focused coverage and expert customer service than the larger multi-line insurance companies. This will be especially significant when the economy turns around, we will be there to offer a variety of insurance products. With so much untapped potential, the Reber acquisition is on track to bring tremendous value to CNGI and its shareholders."
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.
Concordis Group, Inc.
Trent S. Sommerville
Chief Executive Officer
SOURCE Concordis Group, Inc.