Argo Group International (ARGO-PA) 8-K Regulation FD Disclosure

	Exhibit 99.1
	CSFB Insurance Conference November 16, 2005

Safe Harbor Statement

Cautionary Statement under “Safe Harbor,” Provision of the Private Securities Litigation Act of 1995: This presentation contains various forward-looking statements and includes assumptions concerning our operations, future results and prospects. Statements included herein, as well as statements made by or on our behalf in press releases, written statements or other documents filed with the Securities and Exchange Commission (the “SEC”), or in our communications and discussions with investors and analysts at this conference or in the normal course of business through meetings, phone calls and conference calls, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements, identified by words such as “intend,” “believe,” “anticipate,” or “expects” or variations of such words or similar expressions are based on current expectations and are subject to risk and uncertainties. In light of the risks and uncertainties inherent in all future projections, the inclusion of forward-looking statements in this presentation should not be considered as a representation by us or any other person that our objectives or plans will be achieved. We caution investors and analysts that actual results or events could differ materially from those set forth or implied by the forward-looking statements. For further information regarding cautionary statements and factors affecting future operating results, please refer to PXRE Group’s public filings with the SEC.

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Non-GAAP Financial Measures

In certain instances when presenting PXRE’s results, management has included and discussed certain “non-GAAP” financial measures. For example, operating income excludes after-tax realized investment gains and losses and foreign exchange gains and losses, as well as other non-recurring items. These excluded items may be material in a period. Management believes that providing non-GAAP financial measures such as operating income provides useful information regarding PXRE’s results of operations consistent with industry practices which enables investors, security analysts and rating agencies to make performance comparisons with PXRE’s competitors. The reconciliation of such non-GAAP financial measures to the applicable GAAP financial measures is included in PXRE’s press releases.

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Market Opportunities

	PXRE’s franchise is well positioned to take advantage of improved market conditions and gain market share
	Katrina will most likely be largest natural peril industry loss ever, possibly doubling Hurricane Andrew, the next largest
	Feedback from Monte Carlo, Baden Baden and PCI meetings was very positive
	Substantial increases in rates and improvements in terms and conditions
	These rate increases are on top of 2005 strong pricing environment
	Proven ability to fully participate in post-event hard market opportunities
	Almost all of PXRE’s lines of business will be positively impacted

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Recent Hard Markets

	1993 to 1997	2002 to 2005 2
Growth in Average Annual	86%	330%
Net Earned Premium1
Average Loss Ratio	34.8%	43.8%
Average Combined Ratio	58.5%	77.1%
Average ROE	18.0%	20.6%

1	For example, average of 1993-1997 Net Earned Premium (NEP) less 1992 NEP, divided by 1992 NEP
2	2002 to June 30, 2005; excludes exited lines and impact of Hurricane Katrina; includes $143.7 million and 18.3 loss ratio points related to impact of 2004 Florida Hurricanes

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The PXRE Franchise

	Highly-focused provider of property catastrophe and risk excess reinsurance to the worldwide marketplace
	•	Established in 1986; the longest tenured short-tail specialist reinsurer
	•	One of the leading property retrocessional writers in the world
	Strong underwriting team with proven long-term track record
	Operations in Bermuda, Europe and the United States
	“A-” rated by both A.M. Best and S&P

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Retro Market Leader

	PXRE is among the top four retrocessional market participants worldwide
	Retro business is a unique niche with fewer competitors than traditional reinsurance
	Underwriting retrocessional business requires specialized skills
	PXRE’s proprietary models and market tenure allow it to successfully underwrite despite the lack of transparency
	Client relationships are critical

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Performance Through the Cycle

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Geographically Diversified
Business Mix

By Line of Business

By Geography

Price Changes

	Retro	Over 35%
	US Cat	Over 25%
	Risk XS	Over 100%
	Int’l Cat	Over 10%

Coverage Restrictions

	Risk Excess – natural perils excluded
	Retro – limited territorial scope
	U.S. Cat – some will contain punitive reinstatement provisions, limitation of territorial scope
	Cat on Direct & Facultative - will contain exposure resets, exclusion of binder business

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Superior Underwriting Technology and Risk Management

	Crucible
	•	Risk management system
	•	Combines proprietary retro and other models with 3rd party models
	•	Capital allocated to each deal based on profitability and correlation
	•	Allows 3rd party model optimization
	Cap on zonal aggregates
	•	Based on contractual limits
	•	Monitored dynamically by Crucible
	•	Set to ensure ability to fully participate after the event
	•	Percent of capital varies with market conditions

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Katrina Estimate

	Estimate of net impact: $330 million
	•	Approximately based on property industry loss of $40 billion
	•	However, process was not market-share based
	Methodology
	•	Every contract contains a maximum exposure per event
	•	All contracts with potential exposure in Gulf identified
	•	Stochastic storms selected by AIR as most similar to Katrina and Rita were run against the portfolio
	•	Underwriters performed ground-up review of all contracts with potential exposure to these storms, applying judgment and knowledge of client exposure to develop contract by contract estimates
	•	Modeled loss estimate and ground-up estimate compared for reasonability
	•	Process repeated multiple times with larger stochastic storms implying greater industry losses

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Risk Controls Performed as Expected

	Katrina validates PXRE risk controls. Our success was achieved by:
	•	A focused, limited book of business
	•	Clarity as to the interrelationship of business lines
	•	Risk management not model based
	•	Recall PXRE’s out-performance in 2004 where loss to premium was half of peer average
	PXRE’s loss at an approximate $40B industry loss estimate is less than:
	•	The stochastic PML’s provided to the ratings agencies
	•	Our stated worst case event loss
	•	Our brokers’ and clients’ expectations
	Katrina was a significant loss for PXRE, but our balance sheet and market position remain strong and ready to capitalize on the current opportunities
	Our monoline strategy leads to higher losses as a percent of capital and more powerful uplift from market conditions

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Rating Agencies

	A.M. Best	Standard & Poor’s
Comments on PXRE	“As a global property catastrophe reinsurer, PXRE is exposed to high severity losses associated with catastrophic events on a worldwide basis. As a result of these events in 2005, property catastrophe pricing is expected to increase, which should benefit returns, barring any other catastrophic events. A.M. Best expects PXRE to manage its risk-adjusted capital and financial leverage ratios within acceptable ranges to support its new financial strength and debt ratings.”	“The ratings on PXRE reflect the companies' strong competitive position in the Bermuda catastrophe reinsurance and retrocessional market, historically strong operating performance, and upon the exchange of series D perpetual preferred to common equity, strong capital adequacy . The ratings also reflect the relatively high capital and earnings volatility borne from a monoline property catastrophe profiles compared with more diversified, multiline peers.”
Rating Today	A- “ Excellent” 4th highest of 16 ratings Under Review with Negative Implications	A- “ Strong” 7th highest of 22 ratings Credit Watch Negative
Credit Watch Negative To Come Off	“Additionally, the group’s A- (Excellent) rating will remain under review with negative implications pending PXRE’s successful completion of its capital plan. If the plan is executed in accordance with A.M. Best’s expectations, which include the exchange of preferred shares to common shares, the financial strength ratings of A- (Excellent) will likely be affirmed .” We believe we will be removed from “under negative review” following the Shareholder Vote on November 18, 2005.	“Upon the successful exchange to common equity and after evaluating management’s progress in reducing prospective earnings and capital volatility, Standard & Poor's will most likely affirm the current ratings and assign a stable outlook .” We believe we will be removed from “credit watch negative” following the Shareholder Vote on November 18, 2005.

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Implications of Rating Agency Shift

	S&P and A.M. Best have communicated revised capital adequacy ratios for monoline catastrophe writers, such as PXRE
	The revised CAR ratios make it uneconomic to remain “A” rated
	At an “A-” level, the risk/capital ratio is lower than “A” before the change:

	A.M. Best	S&P
PXRE Minimum Pre-Katrina “A” CAR	250%	180%
PXRE Minimum Post-Katrina “A-” CAR	225%	160%

	Downgrades based on strategy, rather than claims paying ability, dramatically decreases negative impact in reinsurance market
	We disagree with market commentary that the agencies’ change makes monoline strategy untenable
	At an “A-” rating we can attract customers, deliver appropriate operational leverage and earn an attractive risk-adjusted return on equity

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Capital Raise

	Public: $115 million, common shares
	Private: $375 million, Perpetual Preferred Shares, mandatorily exchangeable upon shareholder vote (expected November 18, 2005) into common shares
	November 18 Vote
	•	“Yes” vote
			Mandatory exchange of perpetual preferred into common shares
	•	“No” vote
			No voting rights
			Pro rata share of common share dividends
			PIK dividend of 15% per annum stepping up by 2% per year for three years if shareholders do not vote to approve conversion to common shares by April 1, 2006
			Senior to common shares
			Certain additional consent rights related to corporate actions

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PXRE Sponsored Cat Bond

	Atlantic & Western Re Limited set up solely to enter into the PXRE reinsurance contract financed with catastrophe bond issuance
	$200 million Class B Notes is largest B rated catastrophe bond ever issued
	Provides $300 million of collateralized protection
	•	Attaches at a 3.4% probability
	•	Perils covered are East and Gulf Coast Hurricane, European Windstorm, and California Earthquake
	•	Intended to reduce the impact of key zone 1/250 PMLs to 1/100 equivalents
	•	Five-year term, callable at modest premium after two years, no premium after four years
	•	Blended cost of 8.7% or approximately $26 million annually
	Provides protection unavailable in reinsurance market - no reinsurer participation in bond
	Significant rating agency benefit

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Strong Capital Position

	Pro-Forma	Actual
	Sept. 30, 2005 1	31-Dec-04	$ Increase		% Increase
Shareholders’ Equity	913,963	696,555	217,408		31.2%
Debt	167,080	167,075	5		0.0%
Total Capital	1,081,043	863,630	217,413		25.2%
Surplus (after inter-company eliminations):
PXRE Bermuda	903,500	617,000	286,500		46.4%
PXRE US	138,000	224,926	(86,926	)	-38.6%
Total Surplus	1,041,500	841,926	199,574		23.7%
Capital Raise	475,000
Capital Raise as a % of:
Katrina and Rita loss	136%
September 30, 2005 shareholders' equity 2	108%

¹ As disclosed in PXRE Group Ltd.'s Form 10-Q for the quarterly period ended September 30, 2005; excludes previously disclosed Wilma impact of $75 million to $90 million
² Shareholders' equity was $440 million at September 30, 2005

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Prudent Investment Philosophy

	Capital preservation is key goal
	High quality, low duration fixed income portfolio supplemented by a small fund-of-funds hedge fund portfolio
	Very low correlation between underwriting and financial risks
	Detailed portfolio guidelines and controls – diligent monitoring
	Third party investment managers:
	•	Gen Re New England Asset Management (GRNEAM) – match liabilities with high quality fixed income securities
	•	Mariner Investments – manages alternative investments focusing on strategies with better risk adjusted returns than straight equity or fixed income portfolios
	Fixed Income Portfolio – risk averse to interest rate and credit risks

	S&P 500		CISDM Index		PXRE Portfolio
Average Annual Return	8.28	%	7.80	%	10.82	%
Standard Deviation	19.33		5.24		6.41

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