NEW YORK, April 4, 2024 /PRNewswire/ -- Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters' United Risk division, has announced that it will acquire the majority of Argo Surety group's in-force coal, oil, gas, and mining business. ASU will immediately assume the management and administration of the exposures acquired, while Argo Surety continues some processing, renewing, and closing of bonds during the transition period, expected to last for less than one year.

Terms of the transaction were not disclosed.

Initially, Argo will front the business under a 100 percent quota agreement with Applied Surety Underwriters, according to Dan Malloy, CEO of United Risk, who sees the consolidation as a great advantage: "The marketplace itself, from agents and brokers to former Argo insureds, will benefit from the new arrangement as will the new clients of ASU and the newly acquired and managed business structure and delivery," he stated.

Josh Betz, President of Applied Surety Underwriters, agreed, noting that the book of surety business will spur ASU's continued growth in several key segments: "At the core of our business strategy lies our strong commitment to this market realized through the introduction of customized surety solutions, exceptional customer service, and superior engineering and claims handling. While this is now a small subsection of the industries we support, we firmly believe a diversified portfolio is strengthened by adding engineered risk solutions to underpin our overall surety portfolio and that we have the strongest potential platform for its growth. We are optimistic."

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 XI.

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.

About Argo Group International Holdings, Ltd. (www.argogroup.com)

Argo Group International Holdings, Ltd. is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. The company is a wholly owned subsidiary of Brookfield Reinsurance Ltd. Argo and its insurance subsidiaries are rated ‛A-' by Standard and Poor's. Argo's insurance subsidiaries are rated ‛A-' by AM Best.

View original content to download multimedia:https://www.prnewswire.com/news-releases/applied-surety-underwriters-subsidiary-of-applied-underwriters-united-risk-division-acquires-major-portion-of-argo-groups-in-force-oil-gas-mining-and-coal-surety-businesses-302108516.html

SOURCE Applied Underwriters