NEW YORK (Standard&Poor's) Nov. 18, 2002--Standard&Poor's Ratings Services said today that it assigned its 'BBB' preliminary senior unsecured debt, 'BBB-' preliminary subordinated debt, and 'BB+' preliminary preferred stock ratings to Argonaut Group Inc.'s $150 million universal shelf registration, which was filed Nov. 13, 2002 This shelf is an amended version of Argonaut's original common stock shelf, which had been filed on Oct. 4, 2002. The amount registered is unchanged. As of Sept. 30, 2002, Argonaut did not have any outstanding debt or preferred stock. Argonaut expects to use the net proceeds from the sale of the securities for general corporate purposes, principally for working capital to support the continued growth in its insurance operations. "Any future
