-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 TqsaYA47NCEWkziphsj+oQ==

<SEC-DOCUMENT>0001181431-05-051321.txt : 20050912
<SEC-HEADER>0001181431-05-051321.hdr.sgml : 20050912
<ACCEPTANCE-DATETIME>20050912155657
ACCESSION NUMBER:		0001181431-05-051321
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050908
FILED AS OF DATE:		20050912
DATE AS OF CHANGE:		20050912

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGONAUT GROUP INC
		CENTRAL INDEX KEY:			0000800082
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				954057601
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		10101 REUNION PLACE, STE. 500
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216
		BUSINESS PHONE:		2103218500

	MAIL ADDRESS:	
		STREET 1:		10101 REUNION PLACE, STE 500
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEFLORE BYRON L JR
		CENTRAL INDEX KEY:			0001211318

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14950
		FILM NUMBER:		051080018

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		210.321.8459

	MAIL ADDRESS:	
		STREET 1:		10101 REUNION PLACE
		STREET 2:		SUITE 500
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd91829.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-09-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000800082</issuerCik>
        <issuerName>ARGONAUT GROUP INC</issuerName>
        <issuerTradingSymbol>AGII</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001211318</rptOwnerCik>
            <rptOwnerName>LEFLORE BYRON L JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ARGONAUT GROUP, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>10101 REUNION PLACE, SUITE 500</rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2005-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25.50</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
                <footnoteId id="F3"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.70</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-04-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Sale of Common Stock issued upon exercise of Stock Options.</footnote>
        <footnote id="F2">Average price of all sales made on September 8 and September 12, 2005</footnote>
        <footnote id="F3">Granted under the Argonaut Group, Inc. Amended and Restated Stock Incentive Plan on April 24, 2001</footnote>
        <footnote id="F4">Pursuant to the Plan, 25% of the options granted vest on each anniversary date of the grant such that the options totally vest in four years.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Craig S. Comeaux</signatureName>
        <signatureDate>2005-09-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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