Bermuda-based Argo Group International Holdings Ltd. said yesterday its subsidiary Alteris Inc. had acquired US-based fine art title insurer Aris Title Insurance Corporation.

Aris, a statutory insurance company domiciled in New York, was acquired through Argo Group US, Inc. and will continue to operate as a separate legal entity and title insurance underwriter with its established management team.

Argo said Aris was the world's first underwriter of title insurance for fine art and collectible personal property.

"Argo Group's acquisition of Aris is an excellent strategic fit, providing us with an opportunity to expand our specialty operations to another industry sector in need of products not available in the traditional insurance marketplace," said Argo Group's CEO Mark Watson.

"Aris is a great example of how a specialty insurer can play a role in supporting commerce and growth in a niche industry by providing customised risk management tools tailored to specific needs."

Aris pioneered the concept of art title insurance four years ago to address the inherent title risk assumed by buyers and sellers within the art and fine collectible marketplace.

"Becoming a member of the Argo Group will significantly enhance our ability to serve this market across the many disciplines of the art industry," said Lawrence Shindell, co-founder and chairman of Aris.