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.
S&P credit analyst Jason Jones noted several positive developments at Argonaut that prompted S&P to upgrade its ratings. They include: Argonaut's strong capitalization, improved earnings and competitive position, successful execution of its strategic focus on niche markets, and a level of financial leverage supportive of the rating.
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