Concordis Group, a financial holding company, said that it has received a final approval from the Cayman Island Monetary Authority (CIMA) to operate as an alternative risk management insurance company. The company will provide insurance solutions through its subsidiary Concordis Insurance.

Concordis said that the alternative risk management solutions will allow businesses to manage and finance their corporate risk, as businesses are looking for ways to lower expenses due to overall changing economic conditions. Caledonian Insurance Services has been appointed the Cayman manager of the new company Concordis Insurance.

Trent Sommerville, chairman and CEO of Concordis Group, said: By inviting clients to participate in our alternative risk financing programs, Concordis will provide its clients with the benefits of risk participation without the costs, time, administration and infrastructure requirements usually associated with traditional methods. We believe these benefits can save our clients tens of thousands of dollars per year.

Concordis Group provides investment brokerage services and business insurance products for its clients. It provides these products and services through its two subsidiaries Concordis Insurance and Puritan Securities.