 2Q 2014 Investor Presentation August 2014 Exhibit 99.1 |
 Forward-Looking Statements 2. 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. Argo Group at a Glance Exchange / Ticker: NASDAQ / “AGII” Share Price: $51.31 Market Capitalization: $1.3 billion Annual Dividend / Yield: $0.72 per share / 1.4% Gross Written Premium: $1.9 billion Capital: $2.0 billion Analyst Coverage: Raymond James (Outperform) – Greg Peters Sterne Agee (Buy) – Dan Farrell William Blair (Outperform) – Adam Klauber Compass Point (Neutral) – Ken Billingsley Dowling & Partners (Neutral) – Kyle LaBarre Guggenheim (Neutral) – Bijan Moazami KBW (Market Perform) – Brett Shirreffs Macquarie (Neutral) – Amit Kumar Atlanta Bermuda Boston Brussels Chicago Dallas Denver Dubai Houston Irvine London Los Angeles Malta New York Paris Peoria Portland Richmond Rio de Janeiro Rockwood San Antonio San Francisco Sao Paulo Scottsdale Seattle Singapore Zurich Note: Market information as of August 11, 2014 and annual performance figures as of TTM June 30, 2014. |
 Leading Specialty Franchise Global underwriter of specialty insurance & reinsurance Strategically located in major insurance centers U.S., Bermuda and London Established presence in attractive markets Leader in U.S. Excess & Surplus Lines Top Quartile Lloyd’s Syndicate by stamp Strong core Commercial Specialty franchise Flexible reinsurance & excess casualty platform Primary presence in Brazil Diversified by geography, product & distribution Broad and strong producer relationships Retailers, wholesalers and brokers (Lloyd’s, Re) “A” (excellent) A.M. Best rating Primary Insurance Reinsurance Property Casualty GWP by Business Type GWP by Business Mix Argo Franchise Overview 4. ~40% ~60% ~10% ~90% |
 Sustainable competitive advantage Niche markets Underwriting expertise Superior customer service Product innovation Profitable organic & strategic growth Profitable through cycles Key underwriters/teams Deals that meet stringent criteria Deep, tenured management team Active capital management Strategy Aligned Toward Shareholder Value 5. Maximize Shareholder value through growth in Book Value per Share |
 *Excludes GWP recorded in runoff and corporate & other. Evolution of Growth and Diversification 2001 • Acquired Colony and Rockwood • Founded Trident (Public Entity) 2005 • Sold Risk Management business 2007 • Rebranded Argo Group • Completed acquisition in Bermuda • Formed Argo Re 2008 • Acquired Lloyd’s Syndicate 1200 2011 • Established local presence in Brazil $622 $788 $903 $1,056 $1,153 $1,182 $1,605 $1,987 $1,530 $1,544 $1,744 $1,888 $1,890 400 800 1,200 1,600 2,000 Total Risk Management (sold renewal rights in 2005) International Specialty Syndicate 1200 Commercial Specialty Excess & Surplus Lines 16% 30% 32% 22% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ’14/2Q TTM BVPS $27.60 $30.46 $35.52 $41.05 $39.62 $47.00 $52.55 $50.54 $55.22 $58.96 $62.80 Total Capital (Millions) $717 $860 $992 $1,754 $1,763 $1,975 $1,986 $1,840 $1,915 $1,966 $2,037 6. |
 7. Argo Group Business Mix ($1.9B in GWP) GWP by Segment Excess & Surplus Lines Commercial Specialty Syndicate 1200 International Specialty 30% 16% 32% GWP by Product GWP by Geography United States London Bermuda 22% 15% Excess & Surplus Lines 32% Other Commercial Specialty Property Public Entity 21% 5% 6% Marine & Aerospace Surety 3% Alteris Mining 4% Emerging Mkts 9% 6% Emerging Markets 5% 54% 11% 30% GWP by Business Type Primary Insurance Reinsurance *Data is based on TTM as of June 30, 2014. Excludes GWP recorded in runoff and corporate & other. |
 8. Multi-Channel Distribution Strategy Retail Broker / Agent General Agency Wholesale Broker Lloyd’s Market Reinsurance Broker X X X X X X X X X X X X X X X X X X X X X X X X X X X X X Rockwood Argo Insurance Trident Surety Commercial Programs Alteris Contract Transportation Casualty E&O D&O Environmental Allied Medical Specialty Property Liability Property Aviation Marine Excess Casualty Professional Liability Emerging Markets Reinsurance |
 9. Maximizing Shareholder Value – BVPS Growth 2002 Reported Book Value Cumulative Dividends Price/Book 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2Q ‘14 1.1x 1.1x 1.2x 1.6x 1.7x 1.2x 0.9x 0.8x 0.7x 0.7x 0.6x 0.8x 0.8x $21.27 $24.75 $27.60 $30.46 $35.52 $41.05 $39.62 $47.00 $52.55 $50.54 $55.22 $58.96 $62.80 $21.27 $24.75 $27.60 $30.46 $35.52 $42.55 $41.12 $48.50 $54.49 $52.92 $58.03 $62.36 $66.52 (2) Price / book calculated at 52-week high and most recent book value per share. Stock price adjusted for PXRE merger for 2006 and prior years. - (1) Book value per common share: 1 2 - - 2003-2006 includes impact of Series A Mandatory Convertible Preferred on an as-if converted basis. Preferred stock fully converted into common shares as of Dec. 31, 2007 2006 and prior years adjusted for PXRE merger 2008-2011 restated to reflect adoption of ASU 2010-26 (related to accounting for costs associated with acquiring or renewing insurance contracts); 2007 and prior not restated Adjusted for June 2013 stock dividend - |
 10. Scale 2002 2006 TTM 2Q '14 '02-2Q'14 Factor Gross Written Premiums $622.1 $1,155.6 $1,891.2 3.0x Net Written Premiums 484.0 847.0 1,357.2 2.8x Net Earned Premiums 378.4 813.0 1,333.9 3.5x Financial Strength 2002 2006 TTM 2Q '14 '02-2Q'14 Factor Total Assets $2,208.9 $3,721.5 $6,421.2 2.9x Total Investments 1,181.3 2,514.1 4,047.8 3.4x Shareholder's Equity 327.7 847.7 1,633.1 5.0x Total Capital 327.7 992.0 2,036.5 6.2x Debt / Total Capital 0.0% 14.5% 19.8% A.M. Best Rating A A A Substantial Growth and Financial Strength |
 Combined Ratio 93.4% -3.4% 90.0% Combined Ratio 92.1% -5.6% 86.5% Combined Ratio 101.2% 1.3% 102.5% Combined Ratio 94.4% -8.1% 86.3% 2Q YTD YoY Net Earned Premium & Combined Ratio Consolidated NEP up 4.8% and Combined Ratio down 6.8% in 2Q YTD 2014 vs. 2Q YTD 2013 Excess & Surplus Lines Commercial Specialty International Specialty Syndicate 1200 $213.8 $242.7 $100 $150 $200 $250 $300 2Q '13 YTD 2Q '14 YTD $150.5 $142.8 $50 $100 $150 $200 2Q '13 YTD 2Q '14 YTD $69.1 $74.6 $25 $50 $75 $100 2Q '13 YTD 2Q '14 YTD $198.3 $201.5 $50 $100 $150 $200 $250 2Q '13 YTD 2Q '14 YTD 11. |
 All data in millions except for ratio calculations. TTM = trailing twelve months. (1) PTOI = Pre-Tax Operating Income. Excludes interest expense. (2) Data is based on year-to-date as of June 30, 2014. (3) Data is based on trailing twelve months as of June 30, 2014. Excess & Surplus Lines Segment (32% of TTM GWP) 88.9% 89.3% 99.6% 97.4% 95.5% 91.9% 93.3% 86.3% 88.1% About Us • Leader in U.S. Excess & Surplus Lines • Strong relationships with national, local and regional wholesale brokers • Seasoned U/W expertise is a competitive advantage • Target all sizes of non-standard (hard-to-place) risks, with focus on small/medium accounts • Underwrites on both admitted & non-admitted basis and across all business enterprises via two brands: GWP by Business Unit (TTM 6/30/14) Casualty 34% Transportation 9% Environmental 5% Allied Medical 6% Management Liability 6% Property 11% Contract 24% Errors & Omissions 5% Gross Written Premium PTOI (1) & Combined Ratio $753.2 $726.5 $684.3 $642.3 $522.6 $478.9 $513.5 $594.2 $606.6 $101.4 $112.7 $98.3 $64.7 $71.0 $74.4 $83.2 $96.3 $51.5 2006 2013 2011 2010 2009 2008 2012 2007 2Q’14 (2) 2013 2011 2010 2009 2008 2006 2012 2007 2Q‘14 (3) Combined Ratio PTOI • Colony Specialty • Argo Pro 12. |
 Year of execution on the newly restructured platform Continued execution and combined ratio improvement Restructuring initiatives and strategy enhancement has enabled Argo to become an industry-leading E&S underwriter E&S Operating Platform Enhancement 13. 97.4% 95.5% 91.9% 88.1% 86.3% 2010 2011 2012 2013 2Q 2014 YTD Year of restructuring and strategy enhancement New segment management team is formed |
 14. Commercial Specialty Segment (22% of GWP) About Us • Business primarily placed through retail distribution partners • Argo Insurance – Designs customized commercial insurance programs for grocers, dry cleaners, restaurants and other specialty retail clients • Trident – 2 nd largest provider of insurance to small and midsize U.S. public entities • Rockwood – 2 nd largest provider of commercial insurance to coal mining industry • Alteris – fee based business where Argo or others accept the risk GWP by Business Unit (TTM 6/30/14) U.S. Retail (Argo Insurance) 18% Restaurants 5% Grocery 7% Dry Cleaners 2% Other Industries 3% Public Entity (Trident) 22% Surety 12% Mining (Rockwood) 19% Other 4% Alteris Managed Premium 27% Transportation 3% State Workers’ Comp Funds 18% Self Insured Public Entity 6% 89.4% 88.7% 95.6% 98.1% 108.3% 115.1% 96.5% 102.5% 97.8% Combined Ratio PTOI Gross Written Premium PTOI (1) & Combined Ratio 2006 2013 2011 2010 2009 2008 2012 2007 2Q’14 (2) 2013 2011 2010 2009 2008 2006 2012 2007 2Q‘14 (3) All data in millions except for ratio calculations. TTM = trailing twelve months. (1) (2) (3) PTOI = Pre-Tax Operating Income. Excludes interest expense. Data is based on year-to-date as of June 30, 2014. Data is based on trailing twelve months as of June 30, 2014. |
 131.7% 115.2% Syndicate 1200 Segment (30% of GWP) General Liability 14% Prof. Indemnity 13% Int’l Casualty Treaty 3% Directors & Officers 3% Other 2% About Us • Well-established multi-class platform at Lloyd’s of London • Ranks among the largest Syndicates at Lloyd’s by Stamp Capacity • Lloyd’s market ratings: • ‘A’ (Excellent) by A.M. Best • ‘A+’ (Strong) by S&P GWP by Business Unit (TTM 6/30/14) Property 47% Liability 35% Specialty 15% Aerospace 4% Property Fac 18% Personal Accident 12% N. Am. & Int’l Binders 11% Other 6% 95.8% 112.3% 96.2% 92.4% Offshore Energy 6% Onshore Energy 4% Cargo 3% Yachts & Hulls 2% 90.0% Gross Written Premium PTOI (1) & Combined Ratio All data in millions except for ratio calculations. TTM = trailing twelve months. (1) PTOI = Pre-Tax Operating Income. Excludes interest expense. (2) Data is based on year-to-date as of June 30, 2014. (3) Data is based on trailing twelve months as of June 30, 2014. $282.9 $706.0 $389.9 $438.5 $533.4 $583.9 $570.0 2013 2011 2010 2009 2008 2012 2Q‘14 (3) ($5.2) $30.0 ($27.7) ($63.8) $31.8 $40.6 $27.5 2013 2011 2010 2009 2008 2012 2Q’14 (2) Combined Ratio PTOI 15. |
 International Specialty Segment (16% of GWP) About Us • Bermuda team underwrites • Building diversity through international expansion: • Established primary operations in Brazil • Established operations in Euro zone • Established regional office in Dubai • Distributes through brokers GWP by Business Unit (TTM 6/30/14) Excess Casualty 21% Professional Liability 13% Brazil 23% Marine Cargo 10% Property & Engineering 3% Motor 5% Financial Lines 6% Reinsurance 43% Other Assumed Re 3% Property Risk XS 3% Property Pro Rata 8% Property Cat 29% 177.5% 71.7% 52.3% 77.9% 97.1% 95.5% 86.5% Gross Written Premium PTOI (1) & Combined Ratio All data in millions except for ratio calculations. TTM = trailing twelve months. (1) PTOI = Pre-Tax Operating Income. Excludes interest expense. (2) Data is based on year-to-date as of June 30, 2014. (3) Data is based on trailing twelve months as of June 30, 2014. $23.6 $50.3 $36.7 ($67.7) $15.7 $14.6 $13.9 Combined Ratio PTOI 2013 2011 2010 2009 2008 2012 2Q’14 (2) $126.4 $162.9 $188.9 $198.2 $260.2 $290.6 $296.9 2013 2011 2010 2009 2008 2012 2Q‘14 (3) 16. • Property cat, short tail per risk and proportional treaty reinsurance worldwide • Excess casualty and professional liability for Fortune 1000 accounts |
 17. All data in millions except for per share data and ratio calculations. (1) Calculated using an assumed tax rate of 20%. (2) Defined as Losses & LAE / (Earned Premiums less Other Reinsurance-Related Expenses). (3) Defined as Underwriting, Acquisition and Insurance Expenses / (Earned Premiums less Other Reinsurance-Related Expenses). 2Q 2014 Operating Results 2Q 2014 2Q 2013 Year to Date 2Q 2014 Year to Date 2Q 2013 Gross Written Premiums $520.1 $542.2 $983.2 $980.4 Net Written Premiums 398.3 390.2 675.1 669.2 Earned Premiums 336.1 327.5 661.8 631.7 Losses and Loss Adjustment Expenses 185.1 192.7 367.6 363.2 Other Reinsurance-Related Expenses 0.0 4.7 0.0 9.8 Underwriting, Acquisition and Insurance Expenses 136.8 124.6 265.5 251.3 Underwriting Income $14.2 $5.5 $28.7 $7.4 Net Investment Income 20.6 25.3 43.9 53.2 Fee Expense (Income), net 0.1 (0.2) 1.5 (0.2) Interest Expense 5.1 5.1 10.1 10.0 Operating Income $29.6 $25.9 $61.0 $50.8 Net Realized Investment Gains and Other 18.5 11.0 29.6 20.5 Foreign Currency Exchange Loss (Gain) 3.4 (5.9) 3.2 (9.0) Income Before Taxes $44.7 $42.8 $87.4 $80.3 Income Tax Provision 6.1 11.1 8.6 15.9 Net Income $38.6 $31.7 $78.8 $64.4 Operating Income per Common Share (Diluted) 1 $0.89 $0.74 $1.83 $1.45 Net Income per Common Share (Diluted) $1.45 $1.13 $2.94 $2.29 Loss Ratio 55.1% 59.7% 55.6% 62.1% Expense Ratio 40.7% 38.6% 40.1% 40.4% Combined Ratio 95.8% 98.3% 95.7% 102.5% 2 3 |
 18. As of June 30, 2014 17% • Duration of 2.4 years • Average rating of ‘A1/A+’ • Book yield of 2.7%* • Very liquid • Conservatively managed Portfolio Characteristics *Book yield is pre-tax & includes all fixed maturities 18. Equity Investments by Sector 10% Health Care Energy 24% 7% Financials 5% Industrials 9% Technology 8% Funds 4% Materials 7% Discretionary Consumer Staples 24% Total: $0.5b Fixed Maturities by Type 10% Short Term Corporate 41%. 15% Gov. 17% Structured State/Muni 17%. Total: $3.1b* *$2.8 billion in fixed maturities, $0.3 billion in short term 2% Utilities & Telecom Asset Allocation 8% Other Fixed 70% Maturities. 10% Short Term 13% Equities Total: $4.0b Cash & cash equivalents not included above Conservative Investment Strategy |
    19. YTD 2010-2Q '14 2010 2011 2012 2013 2Q 2014 YTD Total Total Shares Outstanding 31,206,796 31,285,469 31,384,271 34,066,889 34,239,266 Less: Treasury Shares 3,363,560 4,971,305 6,459,613 7,558,345 8,233,645 Net Shares 27,843,236 26,314,164 24,924,658 26,508,544 26,005,621 Shares Repurchased 3,217,561 1,607,745 1,488,308 1,098,732 675,300 8,087,646 As % of Beg. Net Shares 10% 6% 6% 4% 3% 26% Avg. Repurchase Price per Share $33.05 $30.69 $29.89 $41.02 $46.45 $34.20 Total Repurchased ($m) $106.3 $49.3 $44.5 $45.1 $31.4 $276.6 Dividends per Share $0.48 $0.48 $0.48 $0.60 $0.33 $2.37 Dividend Payments ($m) $15.3 $14.2 $13.4 $16.1 $8.6 $67.7 Repurchases + Dividends ($m) $121.7 $63.6 $57.9 $61.1 $40.0 $344.3 Note: Not adjusted for June 2013 stock dividend. Active Capital Management Through share repurchases and dividends, we have returned over $340 million of capital and repurchased 26% of shares outstanding from 2010 through 2Q 2014 |
 20. Stock Price Performance – Last 2 Years (20.0%) +0.0% +20.0% +40.0% +60.0% +80.0% +100.0% Aug -12 Oct-12 Dec-12 Feb -13 Apr-13 Jun -13 Aug -13 Oct-13 Dec-13 Feb-14 Apr -14 Jun -14 Aug -14 Argo Group Peer Group S&P 500 +38% +81% +38% Source: SNL Financial (as of 8/11/14). Note: Peer Group consists of: Allied World, American Financial, Arch Capital, Aspen, AXIS Capital, Endurance, Global Indemnity, HCC, Markel, Navigators, OneBeacon, RLI Corp, Selective Group, W.R. Berkley. |
 21. Price/Book Jan-00 Aug-14 Argo 0.70x 0.82x Peer Avg. 1.17x 1.13x Difference 0.47x 0.31x 0.82x 1.13x 0.31x Difference Source: SNL Financial (as of 8/11/14). Note: Price to book is average price/book across all peer companies based on latest reported book value as of 2/26/14. Peer Group consists of: Allied World, American Financial, Arch Capital, Aspen, AXIS Capital, Endurance, Global Indemnity, HCC, Markel, Navigators, OneBeacon, RLI Corp, Selective Group, W.R. Berkley. Compelling Valuation vs. Peer Group - 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Argo Peer Group |
 22. Well Positioned for Value Creation in 2014 and Beyond • Compelling investment case • Stock trading at a discount to book value and below peers • Upside potential as past and ongoing efforts continue • Significant changes to premium composition completed • Results of re-underwriting and efficiency efforts are emerging in financials • Modest pricing increases expected to favorably impact growth and loss ratios • Continue to employ and attract some of the best talent in the industry • Brazil has traction and is beginning to scale • Incremental yield improvements can have a favorable impact on ROE • Moderate financial leverage • Strong balance sheet with adequate reserves and excellent asset quality We believe that Argo Group has potential to generate substantial value for new and existing investors |