Standard&Poor's Ratings Services assigned its single-'A' counterparty credit and financial strength ratings to the members of the Colony Intercompany Pool and to Argonaut Great Central Insurance Co. on Nov. 6, 2002 (see list). At the same time, Standard&Poor's affirmed its single-'A' counterparty credit and financial strength ratings on the members of the Argonaut Intercompany Pool. The outlook on all these companies is negative. The members of the Colony Intercompany Pool and Argonaut Great Central Insurance Co. are considered core to their parent, Argonaut Group Inc. The ratings reflect the companies' (collectively referred to as Argonaut) strong capitalization, improved operating performance, increased diversification, strong distribution channels, and strong retention rates. Partially offsetting these positive factors is the
