THE ARGUS GROUP ANNOUNCES ELECTION OF NEW CHAIRMAN AND TWO BOARD DIRECTORS

Hamilton, Bermuda -13 August, 2009 - The Argus Group today announces the election of Sheila Nicoll as Chairman of the Board of Directors of Argus Group Holdings Limited (AGH.BH), the parent company of the insurance group.  In addition, Peter Burnim and James Jardine have been elected to the Board of Directors.

Ms. Nicoll said: "It is a great honour to have been elected as Chairman and I am grateful to the Board for their support.  I look forward to contributing to the continued growth of the Argus Group. On behalf of the Directors, I would like to thank Dr King for his many years of leadership as a Director and Chairman of the company and welcome Peter and James to the Board."

Ms. Nicoll succeeds Dr James King as Chairman who retired in July following the annual general meeting of AGH, having reached the mandatory retirement age. Ms. Nicoll is also the Chairman of the principal property and casualty subsidiary company, Argus Insurance Company Limited, where she has been a Director since 2004. Ms. Nicoll became a Director of AGH when it was formed in 2005 and she chairs the group's Compensation Committee.

Ms. Nicoll has over two decades of experience in the insurance industry.  She is currently a Senior Vice President of White Mountains Insurance Group Limited where she is responsible for operations.  She also has experience working at Lloyd's of London, Johnson & Higgins in Bermuda and at the New York Insurance Exchange.  Ms. Nicoll is a past President of the Bermuda Insurance Institute, the leading training organisation for the industry in Bermuda.  She also serves on the Insurance Advisory Committee. Ms Nicoll has a master's degree from Oxford University.

Peter Burnim joins Argus Group Holdings Limited as a Director.  He has also been a Director of Argus International Life Bermuda Limited's various Boards for several years.  He worked at Citibank/CitiCorp for over 25 years as a Senior Credit, Senior Securities and Senior Corporate Officer.  Mr. Burnim is currently a Managing Director of iQ Venture Partners, Inc., a boutique investment advisory group that raises capital for emerging companies and hedge funds.

Mr. Burnim served on the Advisory Board of CVC Capital Partners Europe, exclusive advisors and managers of Citicorp's Private Equity Investments in Europe, is a Director of Highland Financial Holdings' various hedge funds, and a Trustee of Allianz VIP Trust and Allianz VIP Fund of Fund Trust.  He was a past Director of The Bank of Bermuda (NY) (prior to acquisition by HSBC), to Sterling Centrecorp, Inc. (a TSX real estate development company) and to various Northstar, Crown, Citibank and Citicorp companies. He Mr. Burnim serves on several education, arts and religious not-for-profit Boards.  Mr. Burnim is a graduate of Harvard College and Harvard Business School.

James Jardine has also been elected to the Board of Argus Group Holdings Limited. Mr. Jardine is a Partner and Group Chief Executive Officer at Appleby (Barristers and Attorneys). Prior to joining Appleby in 1992, Mr. Jardine was Vice President - Treasurer for The Supermart Group and a Partner of Ernst & Young Chartered Accountants in Hamilton, Bermuda. He is a Chartered Accountant and a Fellow of the Institute of Chartered Secretaries and Administrators and gained a Bachelor of Commerce degree from Dalhousie University in Halifax. Mr. Jardine is also a past member of the Insurance Advisory Board in Bermuda and past Alderman for the City of Hamilton in Bermuda.

Notes to Editors

Argus Group Holdings Limited and its subsidiaries, commonly known as the Argus Group, is a multi-line insurance and financial services organisation offering a full range of insurance, pensions and investment products targeted at local and international organisations and individuals. It is the leader in group health insurance and pension plans in Bermuda.

For further information, log on to www.argus.bm.

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