Alteris, a wholly-owned subsidiary of Argo Group International Holding, has acquired the operating assets of California-based specialty program manager SN Potter Insurance Agency (SNP).
Founded in 1935, SNP is expertise in winery programs, insuring bonded and virtual wineries, vineyard estates, custom crush facilities and storage.
The acquisition of SNP and its distribution network for niche-specific products and services is the first addition of a managing general agent operation to Alteris’ portfolio.
Following this acquisition, Alteris plans to keep in place the operations at SNP’s headquarters and sales office in California and its sales office in Arizona.
Alteris will also leverage these existing locations for expansion of its SeptiCover and PowerWrap programs, which have yet to be broadly marketed in western parts of the US.
Alteris said SNP’s president Paul Fuller, will assume a new position as vice president of strategic markets for Alteris, reporting to its president, Hilbert Schenck.
Schenck said with SNP’s agency operations now fully integrated into Alteris, the company will be able to combine resources to more effectively expand the other niche markets in which SNP specialized.
Terms of the transaction were not disclosed.