Argonaut Insurance Group and its members have been affirmed the financial strength rating (FSR) of 'A' (excellent) and issuer credit ratings (ICR) of "a" by AM Best.

The ratings agency also affirmed the FSRs of 'A' (excellent) and ICRs of "a" of Colony Insurance Group of Richmond, Virginia and its members and Pennsylvania-based Rockwood Casualty Group and its members.

The outlook for all ratings is stable.

Best stated: "The rating affirmations reflect the US operations' supportive capitalisation, strong operating performance of the continuing business segments and favorable market position as a national specialty underwriter with strong relationships with its primary distribution force."

Best also noted that the ratings acknowledge the "explicit support provided by an affiliate, Argo Re Ltd. (Bermuda), as well as the financial flexibility of the publicly traded holding company, Argo Group International Holdings, Ltd.", which is based in Bermuda.

The FSR of 'A' (excellent) and ICR of "a" of Argo Re with a stable outlook are unchanged.