S&P lifts Argonaut

Standard & Poor's said it raised its counterparty credit rating on Argonaut Group Inc. to BBB- from BB+. At the same time, the agency said it raised its counterparty credit and financial strength ratings on the company's operating insurance companies to A- from BBB+ and also raised Argonaut's preferred stock rating to BB from B+.

The outlook is stable.

The upgrade reflects the company's improved and strong capitalization as of 2004, improved earnings, improved competitive position, successful execution of its strategic focus on niche markets and a level of financial leverage supportive of the rating, the agency said.

These are partially offset by capital considerations and underwriting results that, while profitable, are not yet as strong as some of its competitors.

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