The Wyncrest Group to Partner with Major Professional Sports Agents
October 30 2009 - 5:42PM
PR Newswire (US)
CHICAGO, Oct. 30 /PRNewswire-FirstCall/ -- The Wyncrest Group, Inc.
(Pink Sheets: WNCG), a leader in niche insurance and financial
products and services today announced that it has taken the next
step in building its professional sports-focused division. Reaching
out to sports agents nationwide, Wyncrest aims to seize the
government's mandate to assist those athletes whose insurance and
financial needs have not been met. Relying on their sports agent
for financial planning has led to disastrous results for many
athletes. Unfortunately, 78% of professional athletes are bankrupt
within two years of retirement from competitive action. Bill
McFarland, Chairman of The Wyncrest Group, commented, "Few sports
agents have the resources and expertise that we offer. We can
significantly reduce the number of bankruptcies this group faces,
just as we do for all others we serve." Partnering with the likes
of well-known agents such as Ron Shapiro or agencies such as
Creative Artists, Wyncrest expects to carve out a prominent
position in the market. About The Wyncrest Group The Wyncrest Group
is a publicly traded company based in Chicago, Illinois, which
provides insurance products and services through its Southwest
Financial Group subsidiary (SFG) and Wyncrest Offshore Services.
SFG has been in business for 21 years, has 18,000 clients, and
sells through 85 representatives nationwide. During 2008,
approximately $22 million in total insurance policy sales were
generated resulting is $1.1 million of commission revenues. WNCG
plans to continue to grow SFG through discounted acquisitions of
competing agencies and applying its IT advantage with a U.S. patent
pending automated business method for managing the acquired client
books to improve policy renewal retention and up-selling. The
company expects that this strategy will reduce cost of sales by
half compared to traditional origination methods. WNCG is also in
negotiations with several acquisition targets developed over an
ongoing two-year campaign to find distressed agencies and
consolidate contract assets under one lower cost platform. Through
its Wyncrest Offshore Services Division, the Company is expanding
into the growing offshore insurance and reinsurance market by
offering a variety of services and products, including a liability
program for helicopter flight training schools and non-owner
helicopter pilots, and a line of Warranty Service Policies
operating as a controlled foreign corporation. Royalty income is
expected from licensing insurance products patented under a new
category of business methods, a strategy taken only by a few in a
new class of small innovative insurance companies leading the
industry. 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 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
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. Investor Relations: 9654 West 131st Street,
Suite 215 1-630-215-5171 Palos Park, IL 60464
http://www.wyncrestgroupinc.com/ DATASOURCE: The Wyncrest Group,
Inc. CONTACT: Investor Relations, Wyncrest Group, Inc.,
+1-630-215-5171, Web Site: http://www.wyncrestgroupinc.com/
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