William Blair & Company Initiates Coverage of Argonaut Group, Inc. With Market Perform Rating

Share Name	Share Symbol	Market	Type
Argo Grp. International Holdings, Ltd. (delisted)	NASDAQ:AGII	NASDAQ	Common Stock

Share Name

Share Symbol

Market

Type

Argo Grp. International Holdings, Ltd. (delisted)

NASDAQ:AGII

NASDAQ

Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	58.85	58.65	59.85				0	01:00:00

Price Change

% Change

Share Price

Bid Price

Offer Price

High Price

Low Price

Open Price

Shares Traded

Last Trade

0.00

0.00%

58.85

58.65

59.85

01:00:00

William Blair & Company Initiates Coverage of Argonaut Group, Inc. With Market Perform Rating

17/12/2003 3:32pm

PR Newswire (US)

Argonaut (NASDAQ:AGII)
Historical Stock Chart

From Jun 2019 to Jun 2024

William Blair & Company Initiates Coverage of Argonaut Group, Inc. With Market Perform Rating CHICAGO, Dec. 17 /PRNewswire/ -- William Blair & Company today announced that it initiated research coverage of Argonaut Group, Inc. , a specialty commercial property casualty insurer focused on excess and surplus (E&S) lines, upper-middle-market workers' compensation, public entities, and other specialty lines, with a Market Perform rating and company profile of Aggressive Growth. Analyst Mark Lane estimated that the company, which derives about 50% of net written premium from the E&S market, would earn $1.55 per share in 2004 and $2.05 per share in 2005, on a fully taxed basis. "While we believe management has done an excellent job repositioning the company and we like Argonaut's E&S lines business, we would like to see more consistent results before becoming more positive on the stock," Lane said. "With an investment in early 2003 led by HCC Insurance Holdings, Inc. and its recently completed common stock offering, Argonaut's balance sheet is strong as it has been in the last 12 months, in our view." "While legacy issues, including an underperforming workers' compensation book of business, asbestos claims, and reinsurance recoverables, will continue to be a drag on earnings and return on equity over the next 12 months, we believe the impact will ease from recent heightened levels," he added. "While the shares appear inexpensive, we view the risks associated with our current estimates as above average relative to our overall specialty insurance coverage universe." William Blair & Company, L.L.C. has received compensation for investment banking services from the company within the past 12 months, or expects to receive or intends to seek compensation for investment banking services in the next 3 months. William Blair & Company, L.L.C. was a manager or co-manager of a public offering of equity securities within the prior 12 months. William Blair & Company, L.L.C. and its affiliates beneficially own or control (either directly or through its managed accounts) 1% or more of the equity securities of this company as of the end of the month ending not more than 40 days from the date herein. William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position. For important disclosures and information regarding the firm's rating system, valuation methods and potential conflicts of interest, please visit: http://www.williamblair.com/pages/news_story.asp?uid=593 Additional information is available upon request. William Blair & Company, L.L.C. is a member of the National Association of Securities Dealers, CRD number 1252. DATASOURCE: William Blair & Company, L.L.C. CONTACT: Tony Zimmer of William Blair & Company, L.L.C., +1-312-364-8611, Web site: http://www.williamblair.com/

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AGII Argo Grp. International Holdings, Ltd. (delisted)