The Wyncrest Group Inc., a niche insurance consortium based in Chicago, Ill., announced its entrance into the Latin American insurance market in the U.S. The company said its pending acquisition of Florida Insurance Consulting Inc. will provide an avenue for 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, the company said.
The consortium’s Southwest Financial Group has been in talks with other insurance and financial services companies in Broward Country, Fla. 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.
Wyncrest Group’s announcement noted that the Hispanic 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 percent 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.
Through WNCG’s wholly owned subsidiary, Southwest Financial Group (SFG), the company has operated for 21 years. SFG has 22,000 clients and 85 representatives nationwide.
Source: Wyncrest Group Inc., www.wyncrestinc.com
Topics USA New Markets
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