The Argus Group Announces Six Months' Earnings Of $18.5 Million

Hamilton, Bermuda, November 29, 2007 - Argus Group Holdings Limited today announced earnings for the six months ended September 30, 2007 of $18.5 million, up 6.8 percent from the corresponding period in the previous year.

Gerald Simons, President & Chief Executive Officer of the Argus Group, comments:

"We are pleased to report that the Group's strategy of focusing on growth by building upon the strong foundations of our core businesses - life, pensions, health and property & casualty insurance - has yielded satisfactory results in all our business areas. This, together with enhanced commission income and acceptable investment returns, especially in light of recent market conditions, has combined to produce record earnings for the six months ended September 30, 2007.

The increase in premiums earned, net of reinsurance, reflects new business acquired and the results of our continuing efforts to achieve acceptable underwriting ratios by appropriate adjustments to premiums. These efforts, combined with stricter selection of risks, have now begun to produce results as all insurance lines have improved performance. The situation has been assisted by the lack of catastrophic events, especially major windstorms, and a lower than anticipated level of overseas medical claims.

Investment income for the six months fell by 22 percent, primarily due to the diminution in market value of the Group's equity investments at September 30, 2007. As a result of recent changes in accounting rules, the Group now records the majority of its investments at market value as opposed to a moving market average. The net effect is substantially increased volatility of earnings from investment market movements.

In addition, the Group is now required to report as €˜Other comprehensive income' any unrealized gains and losses on financial assets classified as "available for sale" together with any foreign currency translation adjustment of our self-sustaining foreign operations. In the six months to September 30, 2007 the net unrealized losses recorded as €˜Other comprehensive loss' amounted to $2 million and arose from the reduction in value of trade investments. Shareholders' equity includes €˜Accumulated other comprehensive income' which, at the period end, totaled $4.5 million.

Commissions, management fees and other income rose by 56.9 percent reflecting the fees earned on additional assets under management in our international life & annuity, investment administration and pension divisions and also ceding commission on increased reinsurance placed by our property & casualty operations.

International life and annuity operations were significantly enhanced by the acquisition in December 2006 of Tremont International Insurance Ltd., now renamed Argus International Life Bermuda Limited.

The increase in Operating expenses and commissions reflects the continued investment in information systems and the additional costs arising from the acquisition and assimilation of Tremont International Insurance Ltd.

General account assets of the Argus Group at September 30, 2007 totaled $645 million and segregated funds assets under its control increased to $1.3 billion. The Group now has assets of almost $2 billion under its administration. Shareholders' equity at September 30, 2007 had risen to $268 million".

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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 specialized 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:

Gerald Simons                                                                        David Pugh

President and Chief Executive Officer             Chief Financial Officer

Telephone             298-0810                                        Telephone:     298-0832

E-mail:             gsimons@argus.bm                           E-mail:             dpugh@argus.bm