Standard & Poor’s Ratings Services today upgraded its ratings for Argonaut Group Inc., citing the San Antonio, Texas-based property-casualty insurer’s improved profits and capitalization.

The New York-based S&P said it raised Argonaut’s counterparty credit rating to “triple-B-minus” from “double-B-plus.” The firm also raised counterparty credit and financial strength ratings on Argonaut’s operating insurance companies to “A-minus” from “triple-B-plus.” The outlook on Argonaut and its subsidiaries is stable.

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