The acquisition of SNP and its distribution network for niche-specific products and services is the first addition of a managing general agent operation to Alteris' portfolio. Terms of the transaction were not disclosed.
Established in 1935, SNP is known for its industry-leading expertise in winery programs, insuring bonded and virtual wineries, vineyard estates, custom crush facilities and storage. SNP's risk control professionals distribute proprietary coverage through a large, well-established network of independent brokers.
In May 2010, Alteris announced it had partnered with SNP in the launch of Winery Plus, a national program formed to build upon SNP's existing book of business, which at the time included a client base of 350 wineries and related facilities. Since then, the number of clients in the Winery Plus program has more than doubled.
SNP's President Paul Fuller, CPCU, will assume a new position as vice president of Strategic Markets for Alteris, reporting to its President, Hilbert "Van" Schenck. "Paul and his team at SNP are highly regarded in the industry. I'm very excited to have them join Alteris," said Schenck. "As strategic partners, SNP and Alteris were able to demonstrate tremendous results working together to expand Winery Plus. With SNP's agency operations now fully integrated into Alteris, we will be able to combine resources to more effectively expand the other niche markets in which SNP specialized."
Alteris plans to keep in place the operations at SNP's headquarters and sales office in Lodi, California, and its sales office in Mesa, Arizona. Alteris will also leverage these existing locations for expansion of its SeptiCover and PowerWrap programs, which have yet to be broadly marketed in western parts of the U.S.
ABOUT ALTERIS
Alteris Inc., a member of Argo Group International Holdings, Ltd. (nasdaqgs:AGII), provides services-oriented, complete solutions, operating through four business divisions: Trident Insurance Services, Alteris Public Risk Solutions, Alteris Alternative Risk Solutions, and Alteris Commercial Programs. Alteris offers managing general agencies and carriers access to a broad array of exclusive risk solutions for specialty programs and alternative risks including program placement, risk bearing solutions, capital support, strategic alliances, policy systems solutions, claims services, and reinsurance solutions. Information on Alteris is available at www.alterisus.com.