AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the members of Argo Group (Argo) (New York, NY). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of American National Property and Casualty Company (Lincoln, NE) and its affiliates and subsidiaries, which are collectively referred to as the Farm Family Insurance Group (Farm Family). In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Clearbrook Group Holdings, Inc. (Clearbrook) (Delaware) (formerly Argo Group International Holdings, Inc.). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies).

Lastly, AM Best has withdrawn the Long-Term ICR of “bbb-” (Good) of Argo Group US, Inc. (Delaware). At the time of the withdrawal, the outlook on the ratings was stable. The withdrawal of the ratings is the result of the redemption of preferred shares and senior unsecured debt.

The ratings reflect Argo’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The group has displayed a trend of consistent surplus growth over the last several years. Argo’s underwriting results in recent history have been strained from prior-year development, with most losses coming from exited lines of business. Ongoing business has shown much more favorable results. The group’s management made the decision to merge Farm Family Casualty Insurance Company into Argonaut Insurance Company in late 2025, which has increased the group’s surplus levels, bolstered underwriting results and improved overall profitability.

The ratings of Farm Family reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The group has exited the homeowners’ line of business and has pivoted its property coverages to farm and ranch products. Farm Family also will emphasize commercial products further as part of its mix of business. The group maintains an active focus on underwriting discipline through reduced catastrophe exposure, and continues to emphasize expense management and target profitable business. Although this focus has tempered premium growth, the move is expected to improve underwriting results in the future. The group has remained well-capitalized throughout this transitional phase and has shown favorable execution of its overall strategy.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with stable outlooks for Argo’s operating subsidiaries:

• Argo Re Ltd.
• Argonaut Insurance Company
• Argonaut-Midwest Insurance Company
• ARIS Title Insurance Corporation
• Colony Insurance Company
• Colony Specialty Insurance Company
• Rockwood Casualty Insurance Company
• Somerset Casualty Insurance Company

The FSR of A (Excellent) and the Long-Term ICRs of “a” Excellent) have been affirmed with stable outlooks for the members of Farm Family Insurance Group:

• American National Property and Casualty Company
• American National General Insurance Company
• American National County Mutual Insurance Company
• United Farm Family Insurance Company
• American National Lloyds Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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