PENNINGTON, N.J., Sept. 7, 2010 (GLOBE NEWSWIRE) -- Leeward Group, Inc., a wholly owned subsidiary of Principle Security International Inc. (OTCBB:PCPZ), announced today a few of its corporate objectives for the next 12 months.
-Be in the Top 30% of All Independent Insurance Agencies in the United States:
We believe that scale provides an advantage to an insurance agency because it allows them to offer more products and services to their clients. This typically results in more sales. As such, our goal is to be in the Top 30% of all U.S. independent agencies within the next 12 months. Based on a 2008 study by the Independent Insurance Agents & Brokers of America, 68% of the independent insurance agencies sampled have $1.25 Million or less in Commission Income. Leeward Group finished 2009 with over $10 million in premiums and over $1 million in commission income.
-Double the size of our Franchised Hotel/Motel Umbrella Program:
We have developed a niche umbrella product designed for franchised, limited-service hotels & motels. Within the next 12 months, our goal is that this will become a national program and that sales in the program will double (year-over-year).
-Substantially Increase our Association and Affinity Insurance Business:
Association/Affinity business is an attractive market segment for insurance because it enables you to economically market niche products to a homogeneous group. By leveraging our existing association platform, the Company is looking to grow this business by adding new Association clients. Along those lines, the Company is currently in discussions with two national associations and several State and regional associations to bring them various insurance products.
-Increase Health Insurance Sales:
The sale of Health insurance represents an area of potential growth for the Company. In 2009, Group Health insurance premiums in the U.S. reached nearly $600 Billion. In that same period, the Company derived less than 5% of its total revenue from this segment. The Company is looking to grow premiums in this sector by 50% to 100% over the next 12 months. We aim to do this by cross-selling into our existing Property-Casualty client base and also by adding online quoting capabilities.
-Target Sales to the Hispanic Market:
The demographics of the Hispanic market are attractive from a growth perspective. The Company acquired a niche agency in late 2009 that specializes in the Hispanic market and we are allocating resources to grow this segment via tailored marketing.
About Principle Security International, Inc:
Principle Security International Inc. through its wholly owned subsidiaries Leeward Group, Inc., Sangamon Associates, Inc., Flagship Insurance Agency, Inc. and Leeward Insurance Agency, Inc. operates a full-service insurance agency and consulting firm serving businesses and individuals throughout the Northeastern United States.
The Company is based in Pennington, New Jersey and it has five retail locations. Three of the locations are in New England and 2 locations are in the Mid-Atlantic. With licenses in all 50 States, the Company offers Property and Casualty, Life and Health and specialty insurance programs for individuals, associations and groups throughout the United States.
Forward-looking statements:
This press release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to that the company may: (1) be in the Top 30% of All Independent Insurance Agencies in the United States; (2) double the size of its Franchised Hotel/Motel Umbrella Program; (3) substantially increase its Association and Affinity Insurance Business (4) increase Health Insurance Sales; or (5) will be able to target sales to the Hispanic market The user should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. The risk factors listed in our disclosure documents provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by the Company in its forward-looking statements. Actual results relating to, among other things, reserves, results of exploration, capital costs and production costs could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: changes in anticipated acquisition and operating costs; changes in economic conditions and conditions in the insurance industry and other financial markets; changes in the interest rates on borrowings; hedging activities; changes in the prices for services that the Company provides; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which the Company operates; technological, mechanical and operational difficulties encountered in connection with the Company's activities; and labour relation matters and costs. The user should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by the Company from time to time with the Securities and Exchange Commission and other regulatory authorities.