Applied Surety Underwriters Announces Acquisition Agreement with Argo Surety | Insurance business America
It will acquire the majority of Argo Surety’s coal, oil, gas and mining businesses
Insurance News
By Mika Pangilinan
Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk division, has announced that it will acquire the majority of Argo Surety’s existing coal, oil, gas and mining businesses.
With this deal, ASU will take over the management and administration tasks of the acquired commitments. In the meantime, Argo Surety will use the transition period to continue processing, renewing and closing bonds.
Dan Malloy, CEO of United Risk, expressed optimism about the consolidation and expected benefits for a wide range of stakeholders.
“The market itself, from agents and brokers to former Argo insureds, will benefit from the new agreement, as will ASU’s new customers and the newly acquired and managed business structure and operations,” he said.
ASU President Josh Betz also called the acquisition a catalyst for the company’s growth in several key segments.
“At the core of our business strategy is our strong commitment to this market, realized through the introduction of tailored surety solutions, exceptional customer service and world-class technology and claims processing,” said Betz.
“Although this is now only a small subset of the industries we support, we firmly believe that adding technical risk solutions to underpin our overall surety portfolio strengthens a diversified portfolio and gives us the strongest potential platform for its growth. We are optimistic.”
Applied Surety Underwriters is an independent subsidiary of Applied Underwriters. The focus of the surety bond approach is on the detailed planning and technical dimensions of projects. In addition, airlines that have received an “A-” (Excellent) rating from AM Best are used.
Likewise, United Risk Global is a subsidiary of Applied Underwriters, which operates as an international underwriting and distribution platform for property and casualty insurance.
What do you think about this story? Feel free to share your comments below.
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-04-05 10:19:21
www.insurancebusinessmag.com
