Alteris Announces Acquisition of Seattle-Based Mattei Insurance Services
SEATTLE & BOSTON--(BUSINESS WIRE)-- Alteris Insurance Services, Inc., a wholly-owned subsidiary of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), announced today it has acquired the operating assets and business rights of specialty program manager Mattei Insurance Services, Inc.
Based in Seattle, WA, Mattei offers a wide range of products and services, primarily through eight programs: Alaska Commercial, Automobile Service and Repair, Fence Contractors, Forest Products, Landscapers Insurance, Moving and Storage, Telecommunication Towers, and Waste and Recycling.
"This acquisition is a perfect fit for our company and it's significant for many reasons," said Hilbert "Van" Schenck II, president of Alteris. "Mattei offers complementary, if not similar products and services in many of the same classes of business we target through our own programs. This presents an ideal opportunity to extend our geographic footprint on the west coast, building upon our expertise in similar programs on the east coast. In addition, we gain new programs and more underwriting experience, and we're able to establish new carrier relationships."
Coverages include a broad array of property and casualty insurance for admitted and non-admitted markets: animal mortality, bonds EPLI; excess/surplus lines, farm comprehensive, monoline umbrella, personal liability; professional liability; railroad protective policies; pasture/feedlot standard P&C placement; and workers compensation. Insurance coverages will be underwritten through Mattei's existing carrier markets and distribution partners, as well as by Alteris Insurance Services.
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 MATTEI PROGRAMS
Mattei Programs, previously offered through Mattei Insurance Services, Inc. as managing general agent and now offered through Alteris Insurance Services, Inc., provide a full range of insurance products to selected markets in the northwestern U.S., with an emphasis on agricultural risks. Mattei Programs provide coverage and as well as underwriting, management, claims and loss control services in the following industries and business segments: Alaska Commercial, Forest Products, Landscapers, Moving & Storage, Waste & Recycling, Fence Contractors, Telecommunication Tower Owners, Automobile Service & Repair and Brokerage Services.
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
KEYWORDS: United States North America Massachusetts Texas Washington
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