DESTIN, Fla. — Concordis Group, Inc. (Pink Sheets: CNGI), a growing financial holding company, today announced that the company’s dry cleaning insurance cell has reached an important milestone.
Trent S. Sommerville, CEO of Concordis Group, Inc. stated, “The interest from dry cleaning and fabric companies has been greater than our initial projections. We already have commitments that surpass our first year projections of $6 million with over 100 operators which represents in excess of $12 million in premium. Our ultimate goal is to write the best overall 300-500 operators nationwide. These prospects are fully identified so there is little to no market research needed. We expect this captive program to launch within the next few months.”
Monica Thomason, Director of Alternative Risk for Concordis Group, Inc. stated, “We are working with industry experts who will provide intense pre and post loss industry specific risk management services and business consulting services. This new customized program is designed to lower administration costs, which Concordis will pass along to its clients in the form of competitive premiums, and will allow participants greater control over claims administration, will provide coverage’s tailored specifically to the fabric care industry and a financially strong A rated reinsurance partner.”
The captive program will provide all commercial lines of business insurance, including: Worker’s Compensation, Business Owner’s Policy (including Property, Bailee, Machinery Breakdown, Business Income and General Liability) and Commercial Auto coverage.
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.
Trent S. Sommerville, Chief Executive Officer, Concordis Group, Inc., +1-850-337-1493
Source: PR Newswire (October 26, 2010 – 9:00 AM EDT)