Argonaut Obtains Renewal Rights to Fulcrum Excess and Surplus Lines from SCOR

April 17, 2002

Argonaut Group, Inc. announced that it has reached an agreement with SCOR Group to acquire the renewal rights and certain other assets of SCOR subsidiary Fulcrum Insurance Company, an excess and surplus lines’ underwriter concentrating in specialized property, transportation and general liability risks based in Scottsdale, Ariz.

“This acquisition continues the expansion of Argonaut Group as a national specialty underwriter and compliments the existing lines of business written through our excess and surplus subsidiary, Colony Insurance Group,” Argonaut president and CEO Mark Watson III remarked. “Colony will serve as the parent entity for the newly acquired operations, which will remain based in Arizona.”

John Latham, President of Colony added, “The Fulcrum acquisition will provide us a second platform for serving the surplus lines market throughout the United States. It is our intent to employ the staff of Fulcrum as Fulcrum Underwriting Managers, Inc. and to operate this apart from Colony to afford a market alternative. We are excited about adding this talent to our team, and I look forward to working with them to ensure continuity of services to Fulcrum’s solid group of contracted agents.”

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