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Bermuda Life to acquire TIIL

Bermuda Life Insurance, a subsidiary company of Argus Group, is to acquire the Bermuda-based insurer Tremont International Insurance to offer variable annuities and life insurance products, with a focus on hedge fund investment strategies.

The acquisition of Tremont International Insurance (TIIL) will position Argus as a leading offshore insurance provider in the area.

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, said Gerald Simons, president and CEO of the Argus Group. With this acquisition, we believe that we are uniquely positioned to provide the highest level of service that this niche market expects.

Under the terms of the deal, all of the policy issuance and administration functions that comprise TIIL’s business, will be transferred to Bermuda Life. However, TIIL will continue to provide investment management services to its existing policy portfolio.

The completion of the agreement for the sale of TIIL’s outstanding shares is expected to close at the end of November 2006, subject to regulatory approval.