Argonaut Reports Q3 Loss

October 25, 2000

Argonaut Group Inc. reported a consolidated net loss of $900,000 on total revenue of $50.5 million for the third quarter compared to consolidated income of $5.0 million on total revenue of $45.3 million for the same quarter last year.

For the nine months ended September 30, 2000, the company recorded a consolidated net loss of $44.3 million on total revenue of $162.8 million, compared to a net income of $21.7 million on total revenue of $142.8 million for the same period in 1999.

The current year to date net loss is primarily a result of significant strengthening of loss reserves for the company’s workers’ comp business recorded during the first quarter. Consolidated operating loss after tax was $2.5 million for the quarter ended Sept. 30, 2000, compared to a consolidated operating income of $4.4 million for the same period last year.

Argonaut Group also announced that its board of directors has declared a regular quarterly cash dividend of $0.41 per common share. This dividend will be payable November 28 to shareholders of record November 14, 2000.

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