Argonaut Terminates Pact to Buy Some Queensway Assets

August 30, 2001

Argonaut Group Inc. announced it has terminated the purchase and sale agreement with Queensway Financial Holdings Ltd. previously announced on April 18, 2001.

Under the agreement, Argonaut Group was to have acquired certain U.S. subsidiaries of the Canadian holding company.

Argonaut Group indicated that following the appointment of an interim receiver for Queensway by a Canadian court, the parties were unable to satisfy certain conditions to closing within the time frame set out in the original agreement.

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