Trident Insurance Teams with Hylant Group to Rollout P&C Insurance Programs To Indiana Governmental Entities

SAN ANTONIO, Texas - February 4, 2004 - Trident Insurance Services, LLC (Trident), a member of Argonaut Group, Inc. (Nasdaq: AGII) and Hylant Group, Inc. today announced plans to rollout a new property and casualty insurance program for local governments in Indiana in the first quarter of 2004.

Patrick Hylant, CEO of Hylant Group, states “Our commitment to providing Indiana governmental entities with a comprehensive and cost effective insurance program is evident. We are proud to partner with Trident Insurance Services in this endeavor.” The new Indiana Municipal Insurance Program, which provides risk management and insurance services to public entities such as Cities, Counties and Towns, will be offered through independent insurance agents statewide.

“We are excited to be working with proven leaders like Hylant Group to drive our expansion in the North Central United States,” said Mike Arledge, President of Trident Insurance Services, LLC. “Hylant’s focused underwriting discipline, relationships with the agents, and dedicated team make us confident that Trident will be helping secure the future of Indiana governmental entities for years to come.”

Hylant Group, founded in 1935, is a privately held insurance agency with offices throughout Indiana, Ohio and Michigan. They provide risk management, employee benefits, insurance and financial solutions to clients worldwide. Please visit www.hylant.com or contact Bill Horn, Indiana Municipal Insurance Program Manager, at 800-249-5268 for more information.

Headquartered in San Antonio, Texas, Argonaut Group, Inc. (Nasdaq: AGII) is a national specialty underwriter of insurance products in niche areas of the property & casualty market with assets of approximately $2.6 billion. Trident, one of Argonaut Group’s operating companies, underwrites on behalf of Argonaut Insurance Company (A.M. Best rated A IX) and other select companies. For more information on Trident, please visit the Company’s Web site at www.tridentinsurance.net.