Argonaut Reports Loss, Reorg Plan

NU Online News Service, March 13, 2:20 p.m.EST?Argonaut Group Inc., which reported a $105.3 millionnet loss for its last quarter, announced a number of strategicinitiatives and reorganizations, including cutting its workforce by15 percent, or up to 70 jobs.

The San Antonio, Texas-based insurer said its fourth-quarterloss was due to a $52.8 million strengthening of asbestos reservesfor its Argonaut Insurance Company's run-off lines as well as awrite-down for the value of a deferred tax asset. During its fourthquarter a year ago, the company had posted a smaller loss of$600,000, or $0.03 per diluted share.

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