DESTIN, Fla., April 10, 2013 /PRNewswire/ -- Today, Concordis Group, Inc. (OTC Markets: CNGI) makes two major announcements:
1) Acquisition of Green Coast Holdings, LLP and
2) Appointment of Andrew Fine, Esq., to act as the new CEO of Concordis Group, Inc., a multi-faceted insurance and financial holding company.
Mr. Fine brings a unique combination of skills and experience to Concordis Group. A graduate of the University of Florida, Mr. Fine serves as Legal and Policy Advisor to Royal Resorts Caribbean (RRC), the consulting agency to the Caribbean's largest time share community, Simpson Bay. Mr. Fine is an attorney with Norvell & Fine, PLLC, representing clients including top 10 law firms, Fortune 500 companies, and foreign and domestic financial service providers, some of which include Wachovia Bank, Cititrust International, International Stock Transfer and Trust, Ltd., and Heritage Bank & Trust of Belize.
Mr. Tom Blake continues his role with Concordis Group, Inc., with his 35+ year's executive of experience in the insurance, financial and healthcare industry. He also has extensive knowledge managing insurance company/agency mergers and acquisition.
The benefits to the company include:
Operational Streamlining - As a result of this acquisition, Concordis Group expects to take away approximately $5.6 MM from financing-related operations, plus another $10MM in the sale of a new insurance product.
Increased Value -
- Through Green Coast Holdings, Concordis now has the right to vet borrowers along with the right to provide any excess consumer financing that may be required if sales exceed current projections.
- Concordis expects to meet or exceed industry-average rate for such financing of approximately 12% for all loan types.
- Through Green Coast Holdings, Concordis will have exclusive rights to help administer the new sales program for one of the largest timeshare resorts in the Caribbean. Additional properties will be added over time.
Sales Performance Improvement – implementation of new sales program was conceived and designed by former executives from the world's largest vacation ownership companies to convert and sell the existing inventory based on a points-based program -- a modern and more appealing version of vacation ownership as compared to the static and antiquated fixed week / fixed villa concept.
Portfolio Expansion - The administration of loans and the associated expansion of the financing portfolio will also likely lead to the development of an insurance-type product that will allow the lender or resort to insure against losses caused by owner defaults. The profile of the insurance product would be extremely favorable, in that the target resorts only have about an 8% historical default rate, even given the recent 'financial crisis'.
CONCORDIS GROUP, INC. QUOTE:
- Mr. Andrew Fine: "The acquisition of Green Coast by Concordis is a natural step for both companies.Green Coast's revenue stream, combined with the position of Concordis in the insurance industry, provides opportunities for expansion in a number of different areas, including the development of an exciting new product that has the potential for substantial growth across the industry."
- Trent Sommerville, Chairman of Concordis Group, Inc.: "We welcome Andrew's experience and leadership to CNGI. We have been taking many steps toward improving CNGI's operating and financial performance. Hiring Andrew Fine as our new CEO is an important next step that we expect to accelerate the process. He has deep experience in the finance industry and is a proven leader of people in all functional areas and at all levels. I have worked with him on multiple projects over the last six months and his results-oriented approach and ability to think strategically will play a pivotal role in helping us grow profitability."
ABOUT CONCORDIS GROUP, INC.
Concordis Group, Inc. (http://www.concordisinc.com) is a unique financial services and consulting company based in Destin, Florida. It specializes in offering unsurpassed alternative risk management solutions, captive insurance consulting and management services.
Concordis Group, Inc. is unique in that it often takes an equity position in the captives it launches and manages. As captive investors, its interests are 100% aligned with its clients'. Concordis Group, Inc. enable those who have a strong balance sheet but a capital liquidity short fall to fund a captive by partnering with Concordis Group, Inc. and enjoying the many benefits of this powerful risk management strategy.
CONTACT: Josh Ingle, 850.542.6712, [email protected]
SOURCE Concordis Group, Inc.