The Wyncrest Group, Inc. Grows Sales Force by 59%, Further Diversifying its Operations and Adding Shareholder Value
The Wyncrest Group (Pink Sheets: WNCG), a leader in niche insurance and financial products and services, announced that it grew the number of sales representatives by 59%. The company's wholly owned operating subsidiary, Southwest Financial Group, recruited an additional 50 agents from across the country to its sales force during the past month. The additional agents raise the total number of agents Southwest Financial Group contracts to approximately 135 people. The agents were contracted in order to meet the growing demand from the market and to further diversify its operations.
Increased demand for insurance and financial products that help individuals and families protect them as well as save more for retirement in the current economic environment contributed to the need for a larger sales force. Chris Zaal, President of Southwest Financial Group commented that, "Our group holds a competitive advantage in attracting talented professionals. The breadth of product offering and technology infrastructure available at Southwest Financial Group helps distinguish us and adds to shareholder value."
Wholly owned Southwest Financial Group has been in business for 21 years, has 18,000 clients, and sells through 100+ 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 Southwest Financial Group 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.
About The Wyncrest Group (WNCG.PK)
The Wyncrest Group is a publicly traded company based in Chicago, Illinois, which provides insurance products and services through its Southwest Financial Group subsidiary. 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. 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.
