Press release from Business Wire
Alteris Announces Acquisition of John Sutak WineRe Program
Thursday, October 18, 2012
BOSTON (Business Wire) -- Alteris Inc., a services-oriented, complete solutions provider for the managing general agency community and a wholly-owned subsidiary of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), announced today the acquisition of John Sutak Insurance Brokers, Inc., the agency that developed the first specialty insurance program for the wine industry more than 25 years ago – now broadly recognized as WineRe.
Alteris' WineryPlus Program will complement WineRe, resulting in a more definitive and newly branded WineRe platform that will strategically target wine-producing regions throughout the U.S. WineRe will be managed through Alteris Insurance Services, Inc. in San Francisco under the direction of Strategic Markets Vice President Paul Fuller.
WineRe's distribution network will remain focused on a core group of specialty winery brokers, which will now include the retail operations of John Sutak Insurance Brokers, Inc. The program will continue to offer the following proprietary coverages: general liability, liquor, auto, property, equipment breakdown, inland marine, crime, excess liability, employment practices liability, and professional liability. Policies issued through John Sutak Insurance Brokers, Inc. will be provided by the agency's existing carriers for the WineRe program.
“This acquisition underscores our commitment to the wine industry and creates the nation's largest and only vertically integrated winery insurance program,” said Alteris President Hilbert “Van” Schenck II. “Our own WineryPlus Program has grown significantly over the past two years and the merger of its operations with John Sutak's well known WineRe Program will materially augment the products, services, and expertise we currently provide our clients and brokers.”
“We are pleased and excited about joining forces with Alteris' Strategic Markets in the provision of insurance and risk management services to the wine industry,” said John Sutak, president of John Sutak Insurance Brokers. ”This combination will create the most comprehensive and industry-specific insurance program available.”
Alteris Inc and Alteris Insurance Services Inc., members of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), provide services-oriented, complete solutions, operating through three business divisions: Strategic Markets, Alternative Risk, and Commercial Subsets. Alteris offers managing general agencies and insureds 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.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
Argo Group International Holdings, Ltd.
Lisa Scannell, 617-235-6138
VP, Marketing & Communications