Following a review under Standard&Poor's revised insurance criteria, we're affirming our ratings on Argo Group US Inc. (AGUS) and its core operating subsidiaries (together, Argo) and revising the outlook to negative from stable. Our ratings on the group predominantly reflect Argo's strong business risk profile in select niches of the specialty lines insurance market, as well as the group's strong financial risk profile. The negative outlook reflects our view that management faces potential execution risks related to successfully achieving its plans to improve the group's operating performance and maintain risk management capabilities in line with its risk appetite and the growing complexity of its operations. NEW YORK (Standard&Poor's) July 31, 2013--Standard&Poor's Ratings Services said
