8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2009

Argo Group International Holdings, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda	1-15259	98-0214719
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

110 Pitts Bay Road Pembroke HM 08 Bermuda	P.O. Box HM 1282 Hamilton HM FX Bermuda
(Address, Including Zip Code, of Principal Executive Offices)	(Mailing Address)

Registrant’s telephone number, including area code: (441) 296-5858

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01. REGULATION FD DISCLOSURE.

Beginning on November 4, 2009, Argo Group International Holdings, Ltd. (“Argo Group”) made presentations to members of the equity investment community. Those presentations used the PowerPoint presentation materials attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.

Note: The information in this report and Exhibit 99.1 attached hereto are furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group’s filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group’s objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

99.1 Argo Group International Holdings, Ltd. Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
	By:	/s/ Jay S. Bullock
Dated: November 4, 2009	Name:	Jay S. Bullock
	Title:	Executive Vice President and Chief Financial Officer

2

EX-99.1

Investor Presentation

November 2009

Exhibit 99.1

2.

Forward-Looking Statements

This presentation contains “forward-looking statements” which are made pursuant to the safe

harbor provisions of the Private Securities Litigation Reform Act of 1995.  The forward-looking

statements are based on the Company's current expectations and beliefs concerning future

developments and their potential effects on the Company. There can be no assurance that actual

developments will be those anticipated by the Company. Actual results may differ materially from

those projected as a result of significant risks and uncertainties, including non-receipt of the

expected payments, changes in interest rates, effect of the performance of financial markets on

investment income and fair values of investments, development of claims and the effect on loss

reserves, accuracy in projecting loss reserves, the impact of competition and pricing

environments, changes in the demand for the Company's products, the effect of general

economic conditions, adverse state and federal legislation, regulations and regulatory

investigations into industry practices,  developments relating to existing agreements, heightened

competition, changes in pricing  environments, and changes in asset valuations.  The Company

undertakes no obligation to publicly update any forward-looking statements as a result of events

or developments subsequent to the presentation.

3.

The Argo Group Story

The Company

Argo Group is an international specialty underwriter of

property/casualty insurance and reinsurance focused in niche

markets.

The Objective

To maintain our profitable growth record while maximizing on the

opportunities afforded us through our international platform.

The Strategy

Apply our proven business model to deploy capital in attractive

niche markets that offer opportunities for maximum return.

4.

Argo Group Today

Specialty underwriter in attractive niche areas of P&C insurance

and reinsurance markets

Headquarters: Bermuda

–

Operate in 50 states and internationally

–

View the specialty market as a single marketplace

Total capitalization of $2.0 billion

Four ongoing business segments

–

Excess and Surplus Lines (U.S.)

–

Commercial Specialty (U.S.)

–

Reinsurance

–

International Specialty

Major business

segment locations

Headquarters

Brussels

London

Bermuda

5.

Strategic

Business

Plan

Focus:  Specialty underwriter in niche markets

Growing an International Specialty Underwriter

Growth and Profitability

6.

A Recap of Our Successful Strategic Business Plan

1.

Target attractive

niche markets

2.

Develop leading,

differentiated

positions

3.

Expand position

–

organically

–

geographically

–

selective acquisitions

4.

Results:

growth

in

premiums, earnings

and book value

7.

1.  ATTRACTIVE NICHE MARKETS

A Different Type of Approach

Higher margin and return

Market leadership in a reasonable time frame

Disciplined underwriting

Sustained, profitable organic growth

Key Criteria In Selecting Niche Markets

8.

Leader

Lloyd’s direct and facultative market

Leader

E&S market top-tier

Leader

Commercial insurance for small / medium

public entities

Leader

Insurance for the retail dry cleaning industry

Leader

Workers’

compensation for coal mines in

Pennsylvania and Maryland

Leader

P/C insurance for independent grocery stores

2.  DEVELOP LEADERSHIP POSITIONS

Examples of Leadership Positions

9.

3.  EXPAND POSITION

Initiatives Supplementing Organic Growth

Revenues

Since 2000,

accounts for

over 90% of

total growth

Since 2000,

accounts for

over 90% of

total growth

Business Development Activity Since 2000

Synergies Gained

Cross Selling

Increased Product Offerings

Interstate

Coregis

Assets acquired:

Grocers

Fulcrum

Businesses acquired:

Massamont

Rockwood

Heritage

PXRE

Colony

Insight

New businesses launched:

Argonaut Financial

Argo Surety

Argo Pro

Argo Re

Excess Casualty

Argo Specialty

Trident

10.

$125M

$1.1B

2000

2008

Earned Premiums

$1.6B

$186M

2000

2008

Gross Written Premiums

31%

CAGR

32%

CAGR

4.  RESULTS: GROWTH

An Impressive Growth Record…

11.

$62M

$150M

2000

2008

12%

CAGR

$3M

$63M

2001

2008

Net Income

Net Investment Income

46%

CAGR

4.  RESULTS: GROWTH

Improved Bottom Line Results…

12.

$51.04

$44.18

$45.15

$23.40

$27.22

$30.36

$33.52

$39.08

2002

2003

2004

2005

2006

2007

2008

2009-Q3

4.  RESULTS: GROWTH

…and Consistent Growth of Book Value

BVPS Growth Since 2002

12.2%

CAGR

* Book value per common share - outstanding, includes the impact of the Series A Mandatory Convertible Preferred Stock on

an as if converted basis.  Preferred stock had fully converted into common shares as of Dec. 31, 2007.

13.

Growing an International Specialty Underwriter

Growth and Profitability

Focus:  Specialty underwriter in niche markets

Four

Business

Units

14.

Excess & Surplus

Lines

International

Specialty*

•

2008 GWP $283M*

•

Lloyd’s platform

•

2008 GWP $684M

Excess & Surplus

Lines

Reinsurance

•

2008 GWP $126M

•

Bermuda platform

Commercial

Specialty

•

2008 GWP $511M

Four Growth Platforms

*June 1 –

Dec 31 only

15.

EXCESS & SURPLUS LINES:

Largest and Most Profitable Segment

Status

Combined ratio in low 90% range

Colony, Argonaut Specialty & Argo Pro

Competitive advantages

Excellent infrastructure –

broad

geography

Underwriting expertise

Broad product portfolio for small acct

U/Ws

Controlled distribution

–

Wholesale agents

Benefits

from a category XII ‘A’

(Excellent) rating by A.M. Best

Pre-Tax Operating Income

($M)

92.6%

88.9%

89.3%

Combined ratio

*  Includes $12.7M of losses from 2008 hurricanes.

$58

$102

$113

2005

2006

2007

$98

2008*

93.3%

2009 Nine Months: $63.6M

2008 Nine Months: $66.6M

16.

COMMERCIAL SPECIALITY:

Fastest Growing Segment

Status

2008 GWP up 21%

Primarily admitted, retail-driven

Competitive advantages

Expertise in niche markets

–

grocery stores

–

mining operations

–

laundry & dry cleaners

–

small/medium-size public entities

–

religious institutions

Benefits from a category XII ‘A’

(Excellent) rating by A.M. Best

Pre-Tax Operating Income

($M)

Combined ratio

* Includes $2.8M of losses from 2008 hurricanes.

92.6%

89.4%

88.7%

$38

$50

$61

2005

2006

2007

$43

2008*

96.5%

2009 Nine Months: $34.5M

2008 Nine Months: $25.3M

17.

Nine Months Ended

Sept. 30, 2009

($M)

Combined ratio

55.5%

$34

$63

$143

Operating

Income

Earned

Premium

Gross Written

Premium

Status

Began 2008 with ~ $1.3B in capital

Produced solid year one results

Reported favorable development related

to Hurricane Ike

Added Casualty and Professional Risks;

appointed Nigel Mortimer to lead

Competitive advantages

Utilized established infrastructure

Built diversified book of business

Proven record of leadership

Benefits from a category XII ‘A’

(Excellent) rating by A.M. Best

REINSURANCE:

Argo Re –

Performing Well

18.

Status

Acquired Heritage in 2008;      

rebranded to Argo International

Enoizi to CEO; Carrier to U/W director

Worldwide property

–

Direct and Facultative

–

North American and International

Binding Authority

Non-U.S. liability

–

Professional indemnity

–

General liability

Competitive advantages

Specialist knowledge

Access to decision makers

Carries the Lloyd’s market ratings of

‘A’

(Excellent) rating by A.M. Best, and

‘A+’

by S&P

INTERNATIONAL SPECIALTY:

Argo International (Lloyd’s)

Nine Months Ended

Sept. 30, 2009

($M)

Combined ratio

97.8%

$8.1

$321

$563

Operating

Income

Earned

Premium

19.

Combined Business Mix

Unique platform to prudently write business

worldwide and penetrate niche markets

Specialty Insurance

Excess & Surplus Lines

Commercial Specialty

Reinsurance

Quota share reinsurance

of business partners

Property reinsurance

Prospective insurance

opportunities

~70%

~10%

~20%

International Specialty (Lloyd’s)

Worldwide property

Non-U.S. liability

19.

20.

Insurance / Reinsurance Business Mix

Reinsurance

Insurance

YTD as of  Sept. 30, 2009

Note: Based on gross written premiums (GWP)

91%

9%

21.

Property / Casualty Business Mix

Property

Casualty

~70%

~30%

22.

Argo Group 2008 Financial Highlights

2007

2008

Change

Gross Written Premium

$ 1.18B

$ 1.60B

36%

Net Earned Premium

$ 860M

$ 1.13B

31%

Total Revenue

$   1.0B

$ 1.25B

25%

Net Investment Income

$ 134M

$ 150M

12%

Net Income Per Share

$ 5.58

$ 2.05**

172%**

** Impacted by $17.4mm of pre-tax losses from U.S. storms in Q2 and $74.0mm from hurricanes Gustav and Ike in Q3.

23.

Argo Group 2009 Third Quarter Results

2008

Nine Months

2009

Nine Months

Change

Gross Written Premium

$ 1.2B

$  1.6B

29%

Net Earned Premium

$ 803M

$ 1.1B

32%

Total Revenue

$ 909M

$ 1.2B

28%

Net Investment Income

$

113M

$

113M

0%

Net Income Per Share

$ 1.66

$ 2.48

49%

24.

Strong Balance Sheet and Capital Base

In millions except for book value and leverage data

Dec 31, 2008

2,997

24.1%

1,782

1,353

6,382

$4,001

429

$44.18

Dec 31, 2007

2,425

21.0%

1,754

1,385

5,124

$3,598

369

$45.15

Reserves

Total Leverage

Total Capital

Shareholders’

Equity

Total Assets

Investment Portfolio

Indebtedness

Book Value Per Share

Sep 30, 2009

3,187

19.5%

1,954

1,573

6,821

$4,317

381

$51.04

25.

Conservative Investment Portfolio

Fixed income (94%)

Equities (6%)

Total: $4.0bn

Total: $0.3bn

•

Average Rating of AA+

•

Duration of 3.0 years

•

Internally and externally managed

•

Conservative focus on large cap

32%

14%

19%

15%

15%

U.S. Government

State / Muni

Corporate

Structured

Short Term

Other

5%

Financials

Industrial & Other

17%

83%

26.

Focus Areas for the Coming Year

•

Investments in people

•

Investment in IT

•

Expense savings

•

Controlled expansion in the US and London

•

Focus on clients

•

Focus on distribution partners

•

Focus on the competitive environment

Internal

External

Premiums / Risk Selection

Levers to Drive a Profitable Organization

Investment Leverage / Yields

Financial Leverage / Capital Structure

Infrastructure Cost

27.

Capital Deployment Strategy

Support balance sheet, mainly loss reserves

Growth of core business

–

Deploy capital opportunistically across all four segments

–

Reduce reliance on third-party reinsurance

Pursue attractive market opportunities

–

Selective acquisitions that complement existing business lines

–

Books of business and companies

Repatriate capital depending on capital position and stock price

–

$150M stock repurchase program authorized should above opportunities

fail to appear

–

Dividend

28.

I

N  S

U

M

M

A

R

Y

A Strong and Well-Positioned Specialty Underwriter

Proven and successful strategic business plan

–

Strong growth record

–

Improved profitability in continuing lines

–

Capital management

–

Expanded, proven leadership team

Powerful

competitive force in specialty lines market

–

Flexible international platform

–

U.S., Bermuda and London advantages

–

Diversified business mix

–

Growth though geographic and product diversification

Focus on profitable growth

–

Effective capital deployment + high-margin focus = ROE improvement

–

Consistent increase in book value per share over time

Thank you!