Destin, Fla.-based financial holding company Concordis Group Inc. has agreed to acquire Advance Underwriting Managers.
Advance Underwriting Managers will be a wholly owned subsidiary of Concordis Group. AUM is based in Ohio and has a Santa Rosa Beach, Florida location.
The closing of the acquisition is expected by Nov. 15, 2011. No terms were disclosed.
AUM’s management team brings 80 years’ experience in the insurance industry to the company. Lahrye Radford, chairman and CEO of AUM is a 30 year veteran of the insurance industry. Previously Radford was the chief underwriting and marketing officer for American Bankers and Acceleration National Insurance Co.
Russell English is the founder and CEO of Albion Insurance, an international insurance company based in Barbados. Previously, English was the managing director of SCOR UK, Trenwick and held a senior management position at a Lloyd’s of London Syndicate.
Both Radford and English will be appointed to Concordis Group’s board of directors.
Concordis Group has two insurance 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.
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