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Argus announces new Board Chairman

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Hamilton, Bermuda (February 15, 2021) – Argus Group Holdings Limited (“Argus”, the ”Company” or the “Argus Group”) is pleased to announce that it has appointed insurance industry veteran, David A. Brown, as Chairman of the Board, effective April 1st. Mr. Brown will succeed Sheila Nicoll, who has been a member of the Board for 15 years and who has served as the Chairman since 2010.

Ms. Nicoll said, “Over my years as Chairman, the Board has strongly promoted strategies to enhance future growth, diversification and resilience of earnings. To support these strategies, Argus has in place a robust process for identifying the skills and experience necessary to help drive them forward. We also use this process for Board and Chairman succession planning. We welcomed David as a member of the Board a year ago and are pleased that he will now become Chairman. He comes with a wealth of experience having run a number of insurance companies and having served on the Boards of several more.”

Mr. Brown said he is excited about the opportunity to work with Argus in this new role. “Argus is a company with great potential and has been undergoing some serious adjustments related to the changing healthcare system in Bermuda and the Company’s expansion internationally. This makes the work of the Board both challenging and interesting for directors like me. The Management team is energetic and has been creative in developing ideas to grow its business overseas and to deal with the necessary adjustments in the healthcare and pension businesses.

I was particularly attracted to the Argus ethos of always trying to do the right thing for its customers, its employees, the community and, of course, its shareholders. In a small community such as ours, we know people from all of these groups and it is important to me that I believe we treat all of them equitably.”

Alison Hill, Chief Executive Officer of the Argus Group, said she was very pleased with the appointment of Mr. Brown. “From the beginning, we were impressed with his focus on supporting and challenging management to deliver growth and long-term sustainable value for our shareholders.

Argus finds itself at a pivotal point. It is vital that we have someone at the helm who complements our strong Board with experience and capabilities that match our ambitious strategy, whilst being true to our culture. David has a valuable set of skills and insights: he has been a partner in an accountancy firm, a CEO and a Chair. He has led global insurance and reinsurance businesses, is an entrepreneur and is a well-respected and well-connected community advocate.

For many years the Argus Group has successfully operated independent brokerage and insurance companies in Bermuda, Gibraltar and most recently in Malta. This year, two of our Maltese firms - Island Insurance Brokers Limited and FirstUnited Insurance Brokers Limited will merge. The merger is very much part of Argus’ strategic intent to diversify, expand and strengthen the Argus Group’s international presence and existing broking capabilities in the Maltese market.

Our acquisition of two Bermuda-based medical practices in July 2020, along with OTH, our Canadian-based care and network management business, allows us to create a unique healthcare ecosystem. Our goal is to create a Better Health Partnership focused on delivering quality integrated healthcare solutions that incentivise healthy outcomes whilst managing down health cost inflation and over-utilization. In this partnership, our aims and our focus are all aligned. By joining insurance and healthcare together, we aim to make quality care more affordable for more people.”

Ms. Hill concluded, “The stage is set for us to grow, diversify and deliver progressive solutions for the ever-changing needs of our rapidly expanding client base. With his appointment as the Argus Group’s Chairman, David’s unique set of skills and strong belief in our mission will enable him to play a key role in moving our strategies and initiatives forward.”