CHICAGO, July 28 /PRNewswire-FirstCall/ -- The Wyncrest Group, Inc., (Pink Sheets: WNCG) a niche insurance consortium, announces its position to rapidly enter the Latin American market. Wyncrest's pending acquisition of Florida Insurance Consulting Inc. will provide an important key to our growth in the Latin American markets. With the huge growth of the Spanish speaking population in the U.S., many markets are underrepresented and many families and businesses need an insurance and financial services provider.
As recently stated in our previous press release, Southwest Financial Group has been in talks with other Insurance and Financial services companies in Broward Country, Florida that could bring the number of agents in Florida to well over one hundred. This company is also doing roughly $120,000,000.00 in premium insurance and financial sales per year. The company hopes to continue its efforts in recruiting agents and associates from strong family backgrounds with ties to the Latin American communities, Cuba and elsewhere in the Caribbean, as well as South America.
Keith Lanzara, President of the Wyncrest Group, pointed out, "America is more Latin than ever before, and the language and cultural differences that exist must be overcome if Wyncrest Group's growth strategy in the Latin insurance industry is to be successful. Wyncrest Group's subsidiary Southwest Financial Group welcomes the opportunity to form synergies with Florida Insurance Consulting and to develop additional business in the Latin American community."
Targeting Latin Americans: This demographic seems to be the most sought after by insurers. Hispanics represent the largest minority group in the United States with 44.3 million or 14.8% of the population. Latin Americans are also the fastest growing minority group and account for nearly half (1.4 million) the national population growth from 2005 to 2006. In U.S. history, there has never been an immigrant group that has grown to its current size while continuing to maintain its language, cultural values and traditions This makes Latin Americans a sizeable target for marketers in all industries.
The relatively young Hispanic population, entering the workforce for the first time or moving up their individual career ladders, are seeking additional gains in buying power. This will be even more important in this decade than in the 1990s. The increasing number of Latin Americans who have successfully started and expanded their own businesses is another potent force powering the growth of this consumer market, as evidenced by the 1.2 million Hispanic-owned firms in the U.S.
Health insurance providers and hospitals have traveled online to help build their brands with Latino audiences. At the same time tax preparation and accounting services continues to grow when it comes to the total dollars invested in Spanish-language media.
About The Wyncrest Group, Inc.
The Wyncrest Group, Inc. is a publicly traded holding company focused on financial services and the insurance industry. Based in the Chicago, Illinois metropolitan area, the company is expanding into the offshore insurance industry. It is strategically positioning itself to take advantage of the potentially rapid expansion of certain specialty insurance products and services lines that are in high demand but which are underserved by existing providers.
Through WNCG's wholly owned subsidiary, Southwest Financial Group (SFG), the company has operated for twenty-one years. SFG has 22,000 clients and 85 representatives nationwide, and generated approximately $22 million in gross sales of insurance policies during 2008. In addition to its core offerings, SFG also has growing interests in long-term care for student sports programs and student athletes, as well as pet insurance. SFG is currently engaged in selling an array of quality life protection products and services including: family and personal insurance; real estate and asset insurance products and services; niche tax and wealth building strategies; employee group benefits; 401K Retirement Plans; earthquake, flood and disaster insurance; debt reduction; and alternative investments; and mortgage purchasing & refinancing.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. WNCG has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect the WNCG's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the WNCG's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. WNCG undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Wyncrest Group, Inc. 9654 West 131st Street, Suite 215 Palos Park, IL 60464 http://www.wyncrestgroupinc.com/ Investor Relations: 630-215-5171 investor@wyncrestinc.com
The Wyncrest Group, Inc.
CONTACT: Investor Relations of Wyncrest Group, Inc., +1-630-215-5171,
investor@wyncrestinc.com
Web Site: http://www.wyncrestgroupinc.com/
