DESTIN, Fla., July 8 /PRNewswire-FirstCall/ — Concordis Group, Inc. (Pink Sheets: CNGI), a growing financial holding company, today announced it has become a member of the Captive Insurance Companies Association (CICA). CICA is the only domicile-neutral captive insurance association, free from jurisdictional or commercial ties since it is not linked with a domicile or government entity.
CICA members have an average of 2.5 captives per member. These captives most commonly write workers’ compensation and property/casualty lines, but have also diversified into areas such as product liability and employee benefits. Others have diversified into a substantial amount of related outside business and view their captives as important cost-savings mechanisms.
Trent Sommerville, CEO of Concordis Group, Inc., stated, “After attending a recent CICA conference in Orlando, we saw the value of being part of an industry leading organization. The benefits to the company and our clients will only increase as we expand our business.”
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.
About Captive Insurance Companies Association
The Captive Insurance Companies Association (CICA) is the only domicile-neutral captive insurance association. CICA members are seeking new ways to utilize captives to increase flexibility in program design.
SOURCE Concordis Group, Inc.