Utilized Surety Underwriters (ASU), a subsidiary of Utilized Underwriters’ United Threat division, has introduced that it will likely be buying nearly all of Argo Surety’s in-force coal, oil, gasoline, and mining enterprise.

This deal will see ASU taking up the administration and administrative duties of the acquired exposures. In the meantime, Argo Surety will use the transition interval to proceed some processing, renewing, and shutting of bonds.

Dan Malloy, CEO of United Threat, expressed optimism concerning the consolidation, anticipating advantages for a variety of stakeholders.

“{The marketplace} itself, from brokers and brokers to former Argo insureds, will profit from the brand new association as will the brand new shoppers of ASU and the newly acquired and managed enterprise construction and supply,” he stated.

Josh Betz, president of ASU, additionally characterised the acquisition as a catalyst for the corporate’s development throughout a number of key segments.

“On the core of our enterprise technique lies our robust dedication to this market realized by way of the introduction of personalized surety options, distinctive customer support, and superior engineering and claims dealing with,” stated Betz.

“Whereas that is now a small subsection of the industries we help, we firmly consider a diversified portfolio is strengthened by including engineered danger options to underpin our general surety portfolio and that now we have the strongest potential platform for its development. We’re optimistic.”

Utilized Surety Underwriters operates as an impartial affiliate of Utilized Underwriters. Its strategy to surety bonds is targeted on the detailed engineering and technical dimensions of tasks. It additionally makes use of carriers which have earned an ‘A-‘ (Wonderful) ranking from AM Greatest.

Likewise, United Threat International is an Utilized Underwriters affiliate working as a world property and casualty insurance coverage underwriting and distribution platform.

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