Concordis Group, a provider of business insurance solution, has signed a letter of intent to acquire Advance Underwriting Managers (AUM).
Concordis Group said it 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.
Under this agreement, Lahrye Radford, chairman and CEO of AUM and Russell English, a member of AUM’s board has been appointed to Concordis Group’s board of directors.
Previously, Radford was the chief underwriting and marketing officer for American Bankers and Acceleration National Insurance.
Similarly, English was the managing director of SCOR UK, Trenwick and held a senior management position at a Lloyds of London Syndicate.
Concordis Group chairman and CEO Trent Sommerville said integrating AUM into the operations will allow Concordis Group to offer enhanced and cost effective insurance products to customers.
Advance Underwriting Managers will be a wholly owned subsidiary of Concordis Group and the closing of this acquisition is expected by 15 November 2011.