Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk division, announced 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% quota agreement with Applied Surety Underwriters, explained Dan Malloy, CEO of United Risk, in a statement.
“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,” according to Josh Betz, president of Applied Surety Underwriters.
Source: Applied Underwriters
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