Argonaut Group Inc.

Mark E. Watson III is President and CEO of Argo Group International Holdings, Ltd. (Argo Group), a $5 billion international underwriter of specialty insurance and reinsurance products in niche areas of the property and casualty insurance market. Mr. Watson joined Argo Group's predecessor company, Argonaut Group, in 1999 and has overseen the organization's development as a leading specialty underwriter. Prior to joining Argonaut, Mr. Watson was one of two founding partners of Aquila Capital Partners, a Texas-based venture capital firm focused on technology and life science related companies. Before founding Aquila , Mr. Watson was an Executive Vice President and member of the board of directors of Titan Holding, Inc., a NYSE listed property and casualty insurance group from 1992 until its acquisition in 1997 by USF&G Corporation. From 1989 to 1991 he was an Associate Attorney with Kroll & Tract, a New York law firm focusing on international financial services clientele. In 1989 Mr. Watson was a Legislative Aid to Texas State Senator Donald Henderson, where he helped draft legislation creating the first college savings bond program in the state as well as the first mandatory alternative fuels bill, both of which were enacted into law. Mr. Watson graduated with a B.B.A. from Southern Methodist University (SMU) and a J.D. from the University of Texas, School of Law. While at SMU, Mr. Watson was a member of the sailing team and ice hockey team as well as being elected to the Student Senate. Mr. Watson is an avid climber and yachtsman, who has climbed on several continents and won several major regattas in the United States.

Barbara C. Bufkin was appointed Senior Vice President of Argo Group International Holdings, Ltd. on Aug. 7, 2007. Ms. Bufkin joined Argonaut as Vice President, Corporate Business Development in September 2002 after serving as a reinsurance consultant to Argonaut for a year. She became Senior Vice President, Corporate Business Development on August 3, 2004. In March of 2007, with the announcement of the merger with PX Re, Barbara was named President of Peleus Re to help build the foundation of the international specialty segment. Nearly a 30-year veteran of the insurance industry, Ms. Bufkin is responsible for developing growth strategies and initiatives, new business relationships, ceded reinsurance and corporate risk protections. Prior to joining Argonaut, Ms. Bufkin served as Director of Swiss Re New Markets and Chairman, President and Chief Executive Officer of Swiss Re subsidiary, Facility Insurance Corporation (FIC) and Facility Insurance Holding Corporation (FIHC). Her background includes nearly 15 years of industry experience in executive positions with Sedgwick Payne Company, E.W. Blanch Company and others. Ms. Bufkin graduated cum laude from the State University of New York at Buffalo, with a B.A. in Philosophy. She is an alumna of Leadership Texas, Stanford Executive Education, and Wharton Executive Education. She was a Director of the Southwestern Insurance Information Service for eight years. In 2000, she was nominated to the Texas Women’s Hall of Fame and was selected to the 2004 Class of Leadership America.

Gary V. Woods was elected Chairman in April, 2001. Mr. Woods has been the president of McCombs Enterprises in San Antonio, Texas since 1979. McCombs Enterprises is the management entity for the McCombs family investments, which include automobile dealerships, professional football, oil and gas exploration, real estate investments, broadcasting, ranching and others. Mr. Woods received his B.B.A. from Southwest Texas State University, and an M.B.A. from Southern Methodist University. He is also a Certified Public Accountant. Mr. Woods is active in numerous professional organizations and societies. He currently serves as Chairman of the Board of Directors of Ilex Oncology, Inc., and as the Chairman of Cancer Therapy and Research Center.

F. Sedgwick Browne has been counsel at Sidley Austin Brown & Wood LLP, a law firm specializing in the insurance and reinsurance industry, since 2002. Prior to that Mr. Browne was senior counsel of Morgan, Lewis & Bockius LLP. Before becoming senior counsel of Morgan Lewis & Bockius LLP, he was a partner of that firm.

Fayez S. Sarofim, 80 , has been a director of the Company since March 1990. He has been Chairman of the Board and President of Fayez Sarofim & Co., a registered investment advisor, for more than five years. He is also a director of Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products in the property and casualty market.

Frank Maresh was elected to the Board in December 2003. Mr. Maresh is the former Vice Chairman of KPMG in the United States. Mr. Maresh is a Certified Public Account and a consultant, investor and owner in numerous private enterprises. From 1962 to 1993, Mr. Maresh held various senior level management positions within KPMG, including Vice Chairman of the United States Board of Directors and Managing Partner of the Southwestern United States. Mr. Maresh sat on the Texas State Board of Public Accountancy from 1993 to 1999, where he served as both Chairman of the Board and Chairman of the Major Case Committee. Mr. Maresh received his Masters of Professional Accounting from the University of Texas in 1963 and a Bachelor of Business Administration in accounting from the University of Texas in 1961.

John R. Power is President of the Patrician Group, a private investment firm located in Lisle, Illinois. Mr. Power served as a member of America West Airline's Board of Directors and its Executive Committee from 1994 through 1998. He currently serves as a member of America West's Advisory Board, and is a Board member of Case Corporation's financial subsidiary. He continues to maintain active oversight with several charitable organizations. Prior to his position with the Patrician Group, Mr. Power served in various senior management positions with Chicago-based Continental Bank.

Mural Josephson retired from Kemper Insurance Companies in 2002. During his five-year tenure at Kemper, Mr. Josephson held key management positions, including senior vice president and chief financial officer and senior vice president of finance. Prior to joining Kemper, he held several senior level positions at KPMG LLP, including 19 years as a senior audit partner. While at KPMG, he was a member of the National Insurance Practice Committee and a member of the Professional Practice Review Committee. He is currently a member of the board of directors and chairman of the audit committee of UICI, a NYSE-listed insurance holding company. He also serves on the board of directors of SeaBright Insurance Holdings, Inc. and on the board of directors of its wholly owned subsidiary, SeaBright Insurance Company.

Philip McLoughlin was a director, chairman and chief executive officer of Phoenix Investment Partners, Ltd. from October 1995 to September 2002. Mr. McLoughlin was also executive vice president, chief investment officer and a director of The Phoenix Companies, Inc. from November 2000 to July 2002. He also served in various positions, including chief investment officer, for Phoenix Life Insurance Company and its subsidiaries until September 2002. Mr. McLoughlin currently serves as a director of many of Phoenix's mutual funds.