Following its April purchase of Argo's in-force energy business, Applied Surety Underwriters now adds the majority of the balance of wide-ranging Argo surety portfolio, growing toward global top 10 player in the sector
NEW YORK, July 22, 2024 /PRNewswire/ -- Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters' United Risk Division, completed its acquisition of the majority of Argo's remaining surety business after beginning the consolidation in April 2024 of Argo's in-force coal, oil, gas, and mining business into ASU. With this addition, ASU takes a top position as number 12 among the ranks of the world's surety providers, according to Dan Malloy, CEO of ASU's parent company, United Risk.
"ASU's continued growth has disrupted the surety business in a positive way, giving the marketplace a strong, expanding resource center with a team of truly experienced professionals," Mr. Malloy stated, adding, "Looking ahead, we see ASU ascending the ranks of surety entities from our current number 12 slot into the top 10 rapidly and meaningfully, as a Company recognized for its dedication to the field."
Mr. Josh Betz, President of ASU, said: "We are thrilled to announce the completion of this strategic acquisition. Notably, for me as founder of Argo Surety, I am delighted to engage again with so many friends and clients of long-standing to create fresh partnerships. The strength of Argo ratings will prove invaluable to our clients as we transition underwriting management to ASU and gain access to Argo paper on a fronting basis when needed. We will now take over the remaining Argo Surety active account portfolio of business, adding a beneficial diversity of industry mix to our already profitable surety portfolio."
The transaction was completed on July 18, 2024, and is effective July 1, 2024.
About Applied Surety Underwriters (www.surety.auw.com)
Applied Surety Underwriters is an independent affiliate of Applied Underwriters®, with an approach to surety bonds that emphasizes a thorough understanding of the engineering and other technical aspects of a project. Insurance carriers utilized by Applied Surety Underwriters are rated 'A-' (Excellent) by AM Best, Financial Size Category XV.
About United Risk Global (www.unitedrisk.global)
United Risk Global is an international property and casualty insurance underwriting and distribution platform independently owned and operated by its practice partners and affiliated with Applied Underwriters operationally and through its common and powerful brand identity. United Risk's home office is located at 50 Rockefeller Plaza in New York.
About Applied Underwriters (www.auw.com)
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
SOURCE Applied Underwriters
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