The industries served by Argo Surety include construction, finance, metals, mining, renewable energy, telecommunications and utilities. Credit: Fit Ztudio/Shutterstock.

Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk Division, has concluded the acquisition of the majority of Argo’s remaining surety business.  

In April, ASU announced its intention to acquire the majority of Argo Surety’s in-force business focusing on the coal, oil, gas and mining sectors.  

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Financial details of the transaction were not disclosed. 

According to United Risk CEO Dan Malloy, with this latest development, ASU now ranks as the 12th-largest surety provider in the world.  

Malloy 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 ten rapidly and meaningfully, as a company recognised for its dedication to the field.” 

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ASU president Josh Betz said: “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.” 

The deal was finalised on 18 July 2024 and has been effective since 1 July 2024.  

Argo Surety, a fully owned subsidiary of Brookfield Reinsurance, is engaged in providing tailored solutions to cater to the unique needs of brokers and clients across a diverse range of industries. 

The industries served by Argo Surety include construction, finance, metals, mining, real estate, renewable energy, retailers, technology, telecommunications, transportation, utilities and waste management.