Alteris has acquired Los Angeles-based Sonoma Risk Insurance, which provides contract litigation insurance (CLI) in US.
Under the terms of the agreement, Sonoma Risk Insurance will continue to provide products, plaintiff contract litigation insurance and defendant contract litigation insurance as a separate legal entity.
Alteris president Hilbert "Van" Schenck II said, "The acquisition of Sonoma Risk gives us an opportunity to add an exclusive new program – the only one of its kind in the U.S. – to our portfolio and to expand our specialty operations to another industry sector."
Underwritten by Zurich in North America, Sonoma offers its services to individuals, businesses and corporations to help protect plaintiffs and defendants from paying their adversary’s attorneys’ fees in case they lose their case.
Sonoma Risk Insurance Agency president and former litigator Kevin Martin added, "Through Alteris’ program-centric philosophy, discipline and strength, we plan to leverage our expertise in the area of litigation to offer a full suite of litigation solutions and products."
A wholly-owned subsidiary of Argo Group International Holdings, Alteris is a services-oriented, complete solutions provider for the managing general agency community.