Alteris, a wholly-owned subsidiary of Argo Group International Holding, has acquired New York-based Aris Title Insurance, an underwriter of title insurance for fine art and collectible personal property.
Aris, which was acquired through Argo Group US, will continue to operate as a separate legal entity and title insurance underwriter with its established management team, said Argo.
Aris Title Insurance Company is licensed by the New York State Department of Insurance and serves the art market and related businesses in the fiduciary banking, legal, museum and non-profit communities.
Aris developed the field of art title insurance and currently offers the art title insurance program, the ATPI title policy.
Coverage provided by Aris assists museums, auction houses, financial institutions and individual collectors to mitigate the financial exposures associated with title when conveying art and other fine collectibles.
Aris co-founder and chairman Lawrence Shindell said becoming a member of the Argo Group will significantly enhance the ability to serve this market across the many disciplines of the art industry.
Argo Group CEO Mark Watson said Argo Group’s acquisition of Aris is an excellent strategic fit, providing Argo with an opportunity to expand its specialty operations to another industry sector in need of products not available in the traditional insurance marketplace.