-----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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<SEC-DOCUMENT>0001181431-07-050576.txt : 20070807
<SEC-HEADER>0001181431-07-050576.hdr.sgml : 20070807
<ACCEPTANCE-DATETIME>20070807182607
ACCESSION NUMBER:		0001181431-07-050576
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070807
FILED AS OF DATE:		20070807
DATE AS OF CHANGE:		20070807

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:			SAROFIM FAYEZ
		CENTRAL INDEX KEY:			0000315027
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14950
		FILM NUMBER:		071032965

	BUSINESS ADDRESS:	
		STREET 1:		TWO HOUSTON CTR STE 2907
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
		BUSINESS PHONE:		7136544484

	MAIL ADDRESS:	
		STREET 1:		TWO HOUSTON CENTER
		STREET 2:		SUITE 2907
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd168537.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-08-07</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000315027</rptOwnerCik>
            <rptOwnerName>SAROFIM FAYEZ</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ARGO GROUP INTERNATIONAL HOLDINGS,LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>110 PITTS BAY ROAD</rptOwnerStreet2>
            <rptOwnerCity>PEMBROKE,HM 08</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>675776</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>409506</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15843</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to a merger completed on August 7, 2007, Argonaut Group, Inc. (&quot;Argonaut&quot;) became a wholly owned subsidiary of PXRE Group Ltd. (&quot;PXRE&quot;).  Under the terms of the merger, each outstanding share of Argonaut common stock converted into the right to receive 0.6484 PXRE common shares (taking into account a one for ten reverse share split of PXRE common shares as of the effective time of the merger).  Immediately following the merger, PXRE 's name was changed to &quot;Argo Group International Holdings, Ltd.&quot; (also referred to herein as &quot;PXRE&quot;).  On August 6, 2007, the closing price of PXRE's common shares was $4.03 per share.</footnote>
        <footnote id="F2">Sarofim International Management Co., a subsidiary of Fayez Sarofim &amp; Co.</footnote>
        <footnote id="F3">Fayez Sarofim &amp; Co. Profit Sharing Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Fayez S. Sarofim</signatureName>
        <signatureDate>2007-08-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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