Gerald Simons Appointed CEO of Argus

Hamilton, BERMUDA (March 31, 1998) -- Dr. J.A.C. King, President of Argus Insurance Company Limited, today announced that the Board of Directors of Argus has confirmed the appointment of Gerald D.E. Simons as Chief Executive Officer of the Argus Group from April 1, 1998. Mr. Simons was appointed CEO Designate last year. He will succeed Mr. E. John Sainsbury who will retire after 38 years with Argus.

Gerald Simons joined the Argus Group as a full-time employee in 1971 following graduation from the University of Western Ontario with a major in economics. After working in administration and as a sales representative, he became sales supervisor in 1975 and manager of Bermuda Life Insurance Company from 1977 to 1986. He is currently the Group Sales Manager and CEO Designate.

Mr. Simons qualified as a Fellow of the Life Management Institute (FLMI) in 1975 and as a Health Insurance Associate (HIA) in 1995 when he was one of only 17 of 700 awardees, principally in the United States, completing the five-part programme with honours.

In commenting on Mr. Simons' appointment, Dr. King said that, "We all look forward to continued growth and development of the Argus Group under Mr. Simons' leadership."

The Argus Group is a composite insurance organisation and is the leading provider of employee benefits in Bermuda. It is the fourth largest locally-traded Bermudian company, in terms of market capitalisation. In 1997, Argus was given an "A" (Excellent) rating by A.M. Best, the internationally-respected rating agency.