HAMILTON, Bermuda, May 10, 2010 (BUSINESS WIRE) -- Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, has announced the formation of Alteris, Inc., a services-oriented, complete solutions provider for the managing general agency community. Through an integrated new business platform, Alteris is able to offer clients a broad array of exclusive risk solutions for specialty programs and alternative risks.
Alteris will operate through four business divisions: Trident Insurance Services, Alteris Public Risk Solutions, Alteris Alternative Risk Solutions, and Alteris Commercial Programs. Current Trident President Hilbert "Van" Schenck II, CPCU, will lead the new company.
"The introduction of Alteris is consistent with Argo Group's strategy to differentiate itself from other U.S. specialty insurers," said Argo Group CEO Mark E. Watson III. "We see an opportunity to provide MGAs with a continuum of value-added services, specialty programs and alternative risk solutions. This innovative approach strengthens Argo Group's position in the MGA community, allowing us to leverage resources we already have within the organization, to grow organically and to maintain a broader market reach through the cycle." "Alteris is a reflection of Argo Group's commitment to listen to our clients and understand their business," said Alteris President Van Schenck. "This new business model will give clients better access to the products and services they need through a full-service national distribution network." Alteris will offer managing general agencies and carriers access to a full range of services in the U.S., including program placement, underwriting, administration and policy systems solutions, as well as claims services, risk management and safety consultation. Alteris also will provide access to reinsurance solutions for commercial lines of coverage including liability, property and workers' compensation, and financial solutions for agents and program managers seeking to acquire additional capital and credit capacity. The four operating divisions of Alteris are described below: -- Trident Insurance Services manages programs for a number of carriers using its national platform and capabilities as a full service managing general agent and third-party administrator.
-- Alteris Public Risk Solutions provides products and services to large, individual governmental entities and self-insured governmental pools. With traditional and creative approaches, Alteris Public Risk Solutions aligns financial interests with its clients by targeting sophisticated accounts that participate in the risk.
-- Alteris Alternative Risk Solutions supports unbundled alternative risk structures for both carriers and program managers. Available services include reinsurance management and administrative systems, including third-party claims administration.
-- Alteris Commercial Programs provides specialized commercial solutions for niche programs. Customized coverage is designed to meet the specific coverage needs of targeted business segments through a distribution network of experienced specialty program administrators.
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 high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, Reinsurance, and International Specialty. Information on Argo Group and its subsidiaries is available at www.argolimited.com.
FORWARD LOOKING STATEMENTS 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.
SOURCE: Argo Group International Holdings, Ltd.
CONTACT: Argo Group International Holdings, Ltd. Public Relations Contact: Donna Legendre, 210-321-8432 or Investor Relations Contact: Michael Russell, 210-321-8524 Copyright Business Wire 2010 -0- KEYWORD: United States
Texas INDUSTRY KEYWORD: Professional Services
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