NEW YORK (Standard&Poor's) Oct. 4, 2004--Standard&Poor's Ratings Services said today that it revised its outlook on Argonaut Group Inc. (NASDAQ:AGII) and its insurance company affiliates (collectively referred to as Argonaut) to positive from stable. Standard&Poor's also said that it affirmed its 'BB+' counterparty credit rating on the holding company and its 'BBB+' counterparty credit and financial strength ratings on the operating companies. "The outlook was revised because of Argonaut's more diversified business mix, continuously improving in underwriting results, and conservative investment strategy," explained Standard&Poor's credit analyst John Iten. "Offsetting factors include capitalization that, though much improved, was still somewhat weak for the rating at year-end 2003 as well as some drag on
