This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Sale Of Investment In Inter-Ocean Holdings Ltd.

01 1 2003

Hamilton, Bermuda: 31 March 2003 - Mr. Gerald Simons, President and Chief Executive Officer of The Argus Group, today announced that The Argus Group had sold its equity interest in Inter-Ocean Holdings Ltd., a Bermuda-based specialist insurance and reinsurance company, with which Argus has been associated since its inception in 1990. The relationship has been extremely beneficial to both parties and the sale transaction has resulted in a realised gain of $4.1 million, which amount will be included in the Group's earnings for the year ended March 31, 2003.

Mr. Simons noted that the opportunity to sell such an investment does not appear too often and it was with some regret that Argus had decided that this was an appropriate time to bring our participation in Inter-Ocean to a close. He hoped that, in the not too distant future, Argus would have an opportunity to reinvest.

Mr. Simons also noted that this transaction had come in a year where more traditional investments had performed poorly and he reported that in the financial year ending on March 31, 2003 Argus would recognise, as a permanent diminution in value, investment losses totaling $ 2.7 million.

The Argus Group is a multi-line insurance organization and is the leading provider of pension and group insurance in Bermuda. Argus is the first and only Bermudian owned insurance company to be rated "A" (Excellent) by A.M. Best, the international insurance rating agency.