ASU completes majority acquisition of remaining Argo insurance business

Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk Division, has completed the acquisition of a majority of Argo’s remaining mutual insurance interests.

If you recall, it was confirmed in April 2024 that ASU would acquire the majority of Argo Surety’s existing coal, oil, gas and mining business. At that time, Dan Malloy, CEO of United Risk, revealed that Argo would lead the business under a 100% allocation agreement with ASU.

Malloy added, “ASU’s continued growth has positively revolutionized the mutual insurance landscape by providing the market with a strong, growing resource center with a team of truly experienced professionals.

“As we look to the future, we see ASU rapidly and significantly advancing from its current position as the No. 12 surety provider to a top 10 firm recognized for its commitment to this field.”

Josh Betz, President of ASU, noted, “We are thrilled to announce the completion of this strategic acquisition. Importantly, as the founder of Argo Surety, I am excited to reconnect with so many long-time friends and clients to forge new partnerships.

“The strength of Argo’s ratings will prove invaluable to our clients as we transition the management of our guarantees to ASU and gain access to Argo’s securities on a fronting basis when needed.

“We will now acquire the remaining portfolio of Argo Surety’s active business accounts, adding a favorable industry mix to our already profitable surety portfolio.”