Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk Division, has completed its acquisition of the majority of Argo’s remaining surety business.
If you recall, back in April of 2024, it was confirmed that ASU would acquire the majority of Argo Surety group’s in-force coal, oil, gas, and mining business. Back then, Dan Malloy, CEO of United Risk, revealed that Argo would front the business under a 100% quota agreement with ASU.
Malloy has now added, “ASU’s continued growth has disrupted the surety business in a positive way, giving the marketplace a strong, expanding resource centre with a team of truly experienced professionals.
“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.”
Josh Betz, President of ASU, observed, “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.”
