Applied Surety Underwriters Announces Acquisition Agreement with Argo Surety

Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk division, announced the acquisition of the majority of Argo Surety’s coal, oil, gas and mining holdings.

As a result of the transaction, ASU will assume responsibility for managing and administering the acquired exposures. Meanwhile, Argo Surety will use the transition period to continue processing, renewing and closing some of its bonds.

United Risk CEO Dan Malloy expressed optimism about the combination and expected benefits for a wide range of stakeholders.

“The market itself, from agents and brokers to former algo insureds, will benefit from the new arrangement, as will ASU’s new customers and newly acquired and managed business structures and offerings,” he said. It will be,” he said.

ASU President Josh Betts also characterized the acquisition as a catalyst for the company’s growth across several key segments.

“At the core of our business strategy is a strong commitment to this market, achieved through the implementation of customized warranty solutions, exceptional customer service, superior engineering and claims handling,” said Betts. .

“Although this is a small subsection of the industry that we currently support, adding risk solutions designed to support our overall assurance portfolio strengthens our diverse portfolio and gives us We believe it has the strongest potential platform for its growth.” We are optimistic. ”

Applied Surety Underwriters operates as an independent affiliate of Applied Underwriters. The company’s approach to surety bonds focuses on the detailed engineering and technical aspects of a project. We also use carriers that have earned an “A-” (Excellent) rating from AM Best.

Similarly, United Risk Global is an affiliate of Applied Underwriters, which operates as an international property and casualty insurance underwriting and distribution platform.

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