Concordis Group, Inc. Signs Letter of Intent to Acquire Advance Underwriting Managers, LLC
DESTIN, Fla., Oct. 11, 2011 /PRNewswire/ -- Concordis Group, Inc. (OTC Markets: CNGI), a growing financial holding company, today announced it has signed a letter of intent to acquire Advance Underwriting Managers, LLC (AUM).
Concordis Group will leverage AUM's expertise in underwriting, marketing and operations to drive additional revenue for the company. AUM will also provide product development, accounting, policy and claims processing for Concordis Group.
Trent S. Sommerville, Chairman and CEO of Concordis Group, Inc. stated, "This transaction reflects Concordis Group's commitment to continue our key business strategy of growing the company through acquisition. Integrating AUM into our operations will allow Concordis Group to offer enhanced and cost effective insurance products to our customers."
AUM's management team brings over 80 years' experience in the insurance industry to the company. Lahrye Radford, CPCU, Chairman and CEO of AUM is a 30 year veteran of the insurance industry. Previously Mr. Radford was the chief underwriting and marketing officer for American Bankers and Acceleration National Insurance Company.
Russell English, PhD and a member of AUM's board also has extensive industry knowledge. He is the founder and CEO of Albion Insurance, an international insurance company based in Barbados. Previously, Mr. English was the Managing Director of SCOR UK, Trenwick and held a senior management position at a Lloyds of London Syndicate.
Both Radford and English will be appointed to Concordis Group's Board of Directors.
Advance Underwriting Managers, LLC will be a wholly owned subsidiary of Concordis Group and the closing of this acquisition is expected by November 15, 2011.
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.