Alteris Inc., a wholly-owned subsidiary of Argo Group International Holdings, Ltd. has acquired Sonoma Risk Insurance Agency, a litigation products provider and the first agency in the U.S. providing contract litigation insurance (CLI).
Sonoma Risk Insurance Agency is based in Los Angeles and will continue to operate as a separate legal entity offering its products, plaintiff contract litigation insurance and defendant contract litigation insurance.
This niche insurance, underwritten by Zurich in North America, is targeted to individuals, businesses and corporations, and helps protect plaintiffs and defendants from paying their adversary’s attorneys’ fees should they lose their case. Until Sonoma Risk introduced contract litigation insurance in 2010, litigants in the U.S. did not have a way to insure against paying their adversary attorneys’ fees in contract litigation.
“A CLI policy reduces a significant financial unknown in litigation,” explains Sonoma Risk Insurance Agency President, and former litigator, Kevin Martin. “Policyholders have an advantage over their uninsured adversaries because they can make the decision whether to proceed to trial based on the merits of their case, without the influence and fear of an adverse attorney’s fee award.”
Established in 2010, Sonoma Risk provides litigation insurance to individuals, businesses and corporations. Based in Los Angeles, Sonoma Risk is comprised of a management team of professionals within the legal and insurance industries. Policies are underwritten by individual member companies of Zurich in North America.