Argonaut Shareholders Approve Merger with PXRE Group Subsidiary

July 26, 2007

Argonaut Group, Inc. reported that its shareholders voted to approve the previously announced merger agreement between Argonaut Group and a wholly owned subsidiary of PXRE Group Ltd. (NYSE:PXT).

Argonaut Group and PXRE Group expect to complete the proposed merger in early August 2007.

The combined entity will do business as Argo Group International Holdings, Ltd. Argo Group will become the Bermuda holding company for PXRE Group’s existing insurance and other subsidiaries, including its newly formed Bermuda reinsurer Peleus Reinsurance Ltd. and Argonaut Group’s existing operations.

Argo Group will trade on the NASDAQ Global Select Market under Argonaut Group, Inc.’s existing ticker symbol, AGII.

Headquartered in San Antonio, Argonaut Group, Inc. is a national underwriter of specialty insurance products in niche areas of the property and casualty market, with $3.8 billion in assets.

Source: Argonaut Group
www.argonautgroup.com

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