The Wyncrest Group, a holding company comprised of subsidiaries within the financial services and insurance industry segments, has announced that the target acquisition of an offshore insurance company has been initiated with a letter of intent.

The Wyncrest Group has said that it is proceeding with its strategy of procuring niche offshore services that will provide insurance with less expense than domestic insurers.

In an effort to extend the range of its offshore services division, the company has engaged in the assessment of insurance coverage to a range of businesses and personal financial entities that have been denied by domestic insurers or who require additional security for catastrophic insurance, aviation insurance, captive insurance corporations and extended warranty services.

Keith Lanzara, president and CEO of the Wyncrest Group, said: A letter of intent has begun the process of acquisition of an offshore Panamanian company, which follows the recent purchase of offshore licensing by the Wyncrest Group. This acquisition will increase revenue exponentially for the company and provide a clear path to the Amex in 12 to 16 months.