NEW YORK (Standard&Poor's) March 14, 2003--Standard&Poor's Ratings Services said today that its 'BBB+' counterparty credit and financial strength ratings on Argonaut Group Inc.'s property/casualty insurance subsidiaries (Argonaut) remain on CreditWatch with negative implications. Argonaut announced Wednesday that its risk-based capital ratio had fallen below the company action level. As a result, the company is required to prepare a plan of action for state insurance regulators detailing the steps the company will take to restore its risk-based capital ratio to above the company action level. Argonaut also announced that it has entered into a definitive agreement with HCC Holdings Inc. (HCC) for HCC to purchase $34.6 million of Argonaut's $58 million private convertible preferred stock offering, which
