New VP Finance For The Argus Group

Hamilton, Bermuda (December 8, 2005) - The Argus Group (AGH.BH) is pleased to announce the appointment of Sheena Smith as Vice President, Finance effective December 5, 2005.

In her new role, Mrs. Smith will be responsible for directing and coordinating the company's financial affairs, corporate guidelines, and internal controls.  This includes the preparation of financial reports, analysis, budgets, forecasts and strategic plans.  She will report to Chief Financial Officer, David Pugh.

Sheena Smith, a Bermudian, joins the Argus Group from ACE Limited, where she was Assistant Manager, Group Reporting and Assistant Vice President.   Sheena started her career at the Bank of Bermuda before joining Price Waterhouse/Gray & Kempe where she qualified as a Chartered Public Accountant.  After gaining her professional designation, Sheena worked in the Accountant General's Department as a trainee management accountant before joining ACE in 1999.  A former student of Bermuda College, Sheena Smith holds a Bachelor of Arts in Business Administration and Accounting from Atlantic Union College in Massachusetts. Sheena is married with a two- year-old daughter.

Gerald Simons, President and Chief Executive Officer, of the Argus Group welcomed Sheena Smith to the organisation:

"I am delighted to welcome Sheena to the Argus management team. I am confident her knowledge, experience and financial expertise will be of significant value to the Argus Group as we continue to grow and expand."

Sheena Smith is excited by the new role:

"I am pleased to join such a thriving and well respected local company at a time when the Argus team is so effectively implementing its strategic and financial objectives. I look forward to helping the company to move to its next level of success."

                                               -ends-

Notes to Editors

Argus Group Holdings Limited and its subsidiaries (The Argus Group) is the largest Bermuda-owned insurance organisation.  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 Contacts:

Sophie Wightman/Elizabeth Tee                Gerald Simons

Troncossi   Public Relations                       Telephone:441 298-0810

Telephone:  441 292-583                             E-mail:gsimons@argus.bm

E-mail:  sophie@troncossi.bm