On Aug 8, 2003, Standard&Poor's Ratings Services removed from CreditWatch and affirmed its ratings on Argonaut Group Inc. (NASDAQ:AGII) and Argonaut's property/casualty insurance subsidiaries (see list). The outlook is negative. The ratings had been placed on CreditWatch on Jan. 17, 2003, when an anticipated capital-raising initiative did not occur. The affirmation reflects Argonaut's substantially improved capital position since the beginning of the year and Standard&Poor's expectation of further improvement in the second half of 2003. Underwriting results are benefiting from the improved pricing environment, and AGII's combined ratio (GAAP) improved to 106.2% in the second quarter from 112.1% in the same period in the prior year. Standard&Poor's expects that underwriting results will improve further
