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Argonaut’s 2003 Strategy
By Robert Warne - March 13, 2003

Argonaut Group, Inc. fell short in its quest for the Golden Fleece in 2002. Following a delay in releasing it’s fourth quarter results, Argonaut opened up its red book March 12.

The company blamed the bulk of its poor results on a $52.8 million boost to its asbestos reserves for run-off lines.

For the fourth quarter Argonaut suffered a pre-tax $105 million loss and pulled out a pre-tax $87 million loss for the year.

Despite its results A.M. Best left the company’s insurance subsidiaries’ ratings unchanged because the results fell within the rater’s expectations.

Argonaut plans to start referring to its Specialty Workers’ Compensation segment as Risk Management. Even though this unit’s results have improved over the last two years, its current poor results have been attributed to the negative impact of one large construction account written in 2000.

Looking to the future, Argonaut Insurance is set for a reorganization. And as with any reorganization, jobs are at stake. The company reported that it would reduce its workforce by 15 percent over the next two quarters. It plans to concentrate on casualty and risk management solutions for upper-middle market accounts, which are in line with the insurer’s historical core.

This focus would explain why Argonaut recently purchased the renewal rights to Kemper’s bundled large risk national accounts.

Argonaut Insurance is expected to produce less than 20 percent of the Group's gross written premium on a prospective basis.

The President and CEO of Argonaut Group, Mark E. Watson III commented that, “Our E&S (Excess and Surplus lines) and Specialty Commercial lines continue to perform well. The Public Entity unit is emerging from a start-up mode, and the focus of Argonaut Insurance Company on its insurance and risk management services should help return that unit to profitability.”

But until things turn around the company’s board of directors is holding on to any dividends that would have traditionally been paid to shareholders.

 
 

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