Alteris Inc., a services provider for the managing general agency community, has acquired the operating assets of winery insurance specialist Lodi, Calif.-based S.N. Potter Insurance Agency Inc.
The acquisition of the boutique insurance program manager, which was announced on Thursday, is the first addition of an MGA operation to Boston-based Alteris’ portfolio, the company said.
The terms of the deal were not disclosed.
SNP is known for its winery programs, insuring bonded and virtual wineries, vineyard estates, custom crush facilities and storage. SNP’s risk control professionals distribute coverage through a 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 then included 350 wineries and related facilities.
Alteris said it plans to keep in place the operations at SNP’s headquarters and sales office in Lodi, and its sales office in Mesa, Ariz.
SNP’s President Paul Fuller becomes vice president of Strategic Markets for Alteris, reporting to its president, Hilbert “Van” Schenck.
Alteris Inc. is a member of Bermuda-based Argo Group International Holdings Ltd. (Nasdaq: AGII), a specialty insurance underwriter for products in the property and casualty market. Argo’s stock ended the day up .79 (2.9 percent) to $28.01 on the Nasdaq, but it’s still trading down from its high for the year of around $40 per share in October.
Topics Mergers & Acquisitions Carriers
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