Argonaut Holds Off on 4thQ Earnings Release

February 5, 2003

San Antonio-based specialty insurer Argonaut Group Inc., announced that it will delay the release of its fourth quarter and year-end financial results in order to complete a study of its reserves relating to asbestos and environmental liabilities.

Argonaut reportedly has witnessed improved operating results during the past three quarters. For the third quarter of 2002, the company reported net income after tax of $4.7 million, or 22 cents per diluted common share, on revenue of $110.4 million.

Last year, the company reported full year earnings for 2001 of $2.9 million, or 13 cents a share, compared to a loss of $83 million, or $3.77 a share, the year before.

Argonaut also reports it is deferring consideration of a quarterly dividend until the completion of the study.

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