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The Argus Group Acquires A Property & Casualty Company in Gibraltar
Hamilton, Bermuda: 30 November 2004 - The Argus Group today announces that it has signed an agreement to purchase Norwich Union International Insurance Company Limited ("NUIIL"), a wholly owned subsidiary of Aviva plc, the world's fifth largest insurance company. The purchase is subject to regulatory approvals and is expected to be completed on December 31, 2004.
NUIIL is the leading insurer in Gibraltar with over 50% market share, specialising in property and motor insurance. NUIIL employs 19 staff; no redundancies are envisaged as a result of this transaction. In due course, NUIIL will be rebranded to reflect its new ownership. NUIIL has an agency arrangement in Malta under which it writes a portfolio of Maltese motor business. This agreement will continue under the new ownership.
Gerald Simons, President & Chief Executive Officer, the Argus Group, says: "I am very pleased to be making this announcement today. We are keen to expand our business operations and NUIIL is an excellent fit with the Argus Group's business model. NUIIL has been in the property and casualty business for over 30 years and we know their parent company very well, having worked with them for many years".
David Crowhurst of Aviva and the Chairman of NUIIL, said: "We are delighted to have reached this agreement with the Argus Group".
Argus Insurance Company Limited and its subsidiaries (The Argus Group) is the largest Bermuda-owned insurance company. The first company in the Group was founded in 1950. Argus writes most classes of insurance through specialised property, life and health insurance companies; it is the leader in group health insurance and pension plans in Bermuda. The Argus Group is rated "A" Excellent by the insurance rating agency, A. M. Best.
For further information, log on to www.argus.bm.
Media Contact: Gerald D.E. Simons, President & Chief Executive Officer
Tel: 298-0810 (office) & 505-8840 (cell) e-mail: gsimons@argus.bm