Argus Group Holdings Ltd. yesterday named Sheila Nicoll as its new chairman.

Ms Nicholl, who boasts a wealth of international experience in the insurance industry, having worked at Lloyd's of London and on the New York Insurance Exchange, succeeds Dr. James King, who retired from the post in July following the company's annual general meeting.

Peter Burnim and James Jardine have also been elected to the board alongside Ms Nicholl, who doubles as chairman of property and casualty subsidiary Argus Insurance Co. Ltd., where she has been a director since 2004.

The move follows a tough year's trading for Argus, which posted a $115.7 million net loss for the year ending March 31, 2009 - the first annual loss in the company's 60-year history.

"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," said Ms Nicoll.

"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, who has a Master's degree from Oxford University, became a director of AGH when it was formed in 2005 and she currently chairs the group's compensation committee.

She has more than two decades of experience in the insurance sector and is currently a senior vice-president of White Mountains Insurance Group Ltd., responsible for operations.

A past president of the Bermuda Insurance Institute, Ms Nicholl's impressive track record includes working for Johnson & Higgins in Bermuda, and she also serves on the Insurance Advisory Committee.

Mr. Burnim joins Argus Group Holdings Ltd. as a director. He has also been a director of Argus International Life Bermuda Ltd.'s various boards for several years.

He worked at Citibank/CitiCorp for more than 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.

He 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. Mr. Burnim was a past director of The Bank of Bermuda (NY), prior to its acquisition by HSBC, to Sterling Centrecorp, Inc. (a TSX real estate development company) and to various Northstar, Crown, Citibank and Citicorp companies. In addition, he serves on several education, arts and religious not-for-profit boards.

Mr. Jardine is a Partner and Group CEO at Appleby (Barristers and Attorneys). Prior to joining Appleby in 1992, he was vice-president and treasurer for The Supermart Group and a Partner of Ernst & Young Chartered Accountants in Hamilton.

He is a Chartered Accountant and a Fellow of the Institute of Chartered Secretaries and Administrators and is also a past member of the Insurance Advisory Board and past Alderman for the City of Hamilton.