Bermuda Life is a wholly owned subsidiary of the Argus Group. Argus CEO, Gerald Simons, stated that "This acquisition supports the strategic direction of the Argus Group in expanding into international markets. Crown World Services Ltd., with whom we have developed a close relationship to market variable life and annuity products to high net worth individuals worldwide, introduced us to this opportunity and has lent its support during the negotiating process. The company name will change to Bermuda Life Worldwide Limited and, with Crown, it will develop new variable life products."
Gary Benanav, Chairman & Chief Executive Officer of New York Life International, said, "We are pleased that Bermuda Life has agreed to acquire our Bermuda-based life insurance company. The Argus Group is a recognized leader in the Bermuda domestic insurance market had has an outstanding reputation for client service and fiscal responsibility. Although we recognize the significant growth potential in Bermuda, the divestiture of our Bermuda business will enable us to re-deploy our resources to other international markets where we wish to enhance our market share."
Peter Burnim, Chairman of Crown World Services Ltd., added, "This acquisition complements our strategic venture with Bermuda Life by strengthening the resources we have assembled to serve the world citizen market. Crown and Bermuda Life have developed leading-edge products for this unique market and Bermuda Life's acquisition is a key element in serving that market."
Argus is one of the oldest and largest Bermudian insurance companies. It enjoys an A (Excellent) rating by A.M. Best and is publicly traded on the Bermuda Stock Exchange.