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Argus Issues Letter To Shareholders
"At the August 2003 meeting, your Board of Directors declared a dividend of 22 cents per share payable on October 15, 2003 to shareholders of record on September 30, 2003. We have therefore enclosed a cheque for your quarterly dividend or, if we have been so instructed, we have credited your account.
The level of dividend was maintained on the increased number of shares resulting from the one-for-ten stock dividend effected on September 15, 2003; thus this payment is increased by 10% over the previous quarterly dividend.
The Annual General Meeting of Argus Insurance Company Limited, which was held on Wednesday July 23, 2003, marked the retirement from the Board of two of its most long serving directors, Mr. J. Christopher Astwood and Mr. E. John Sainsbury. Mr. Astwood had been a director since 1974 and had also served as the Deputy Chairman of the company since 1994. Mr. Sainsbury, who was the Chief Executive Officer of the Argus Group from 1981 until his retirement in 1998, had been a director since 1970. The company has retained the services of both of these gentlemen as consultants to the Board thus preserving a valuable store of knowledge concerning the Group's affairs. At the Board meeting following the Annual General Meeting Mr. David P. Gutteridge was appointed as Deputy Chairman of each of the Argus Group companies.
Hurricane Fabian, a class three hurricane, which struck Bermuda on September 5, 2003, was the worst storm to hit Bermuda in living memory. Whilst it will have an impact on the Group's earnings for the year ended March 31, 2004 the reinsurance protection we have in place will limit losses to manageable levels. Claims arising from Hurricane Fabian, net of reinsurance, together with loss of profit commission and other related factors are not expected to impact the Group's earnings by more than $3 million.
You will be pleased to note that the Argus staff have performed magnificently in the wake of the hurricane and have worked extraordinary hours, in conditions that were far from normal, in order to handle the more than 1200 hurricane related claims. We thank each and every one of them for their contribution to date and offer them encouragement for the difficult times which still lie ahead."
Signed Gerald D. E. Simons, President & Chief Executive Officer