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Argus Subsidiary In Agreement In Principle To Acquire Tremont International Insurance Limited
Hamilton, Bermuda, November 16, 2006 - The Argus Group (AGH.BH) announced today to the Exchange (BSX) that its subsidiary, Bermuda Life Insurance Company Limited (Bermuda Life), has achieved an agreement in principle to acquire Tremont International Insurance Limited (TIIL), the Bermuda-based insurer offering variable annuities and life insurance products with a focus on hedge fund investment strategies. Having actively pursued the international wealth management market for over a decade, this acquisition will position Argus as a leading offshore insurance provider in this area. The Board of Directors of Bermuda Life approved the agreement to acquire TIIL and the parties are expected to conclude an agreement for the sale of TIIL's outstanding shares on or about November 30, 2006, pending regulatory approvals.
Gerald Simons, President & Chief Executive Officer of the Argus Group, says:
"We are very pleased to continue to grow our international life insurance business, a business that is not restricted by the limited size of Bermuda. With this acquisition, we believe that we are uniquely positioned to provide the highest level of service that this niche market expects."
TIIL is an insurance company strategic venture formed in 1996 by the Tremont Group Holdings, Inc. organisation, the hedge fund of funds investment management company. James Selvaggi, President of TIIL, says: "The sale of TIIL is an opportunity for the Tremont Group to realise a return on its investment in the offshore insurance business. Furthermore, it advances the group's strategy to strengthen its global leadership role as a discretionary investment manager of hedge fund of funds products and services among a broad set of institutions, including investment organisations, insurance companies, pensions and endowments."
While the prospective transaction will transfer to Bermuda Life all of the policy issuance and administration functions that comprise TIIL's business, Tremont will continue to provide investment management services to the existing TIIL policy portfolio. In addition, Tremont Capital Management will maintain its commitment as a leader in the investment management of insurance-dedicated hedge fund of funds portfolios.