tomorrow takes over as CEO of leading domestic insurer, Argus Insurance Co.

Ltd.

Mr. Simons was appointed CEO-designate last year. His appointment was confirmed by the Argus board and he succeeds E. John Sainsbury, who is retiring after 38 years with the company.

The current group sales manager, Mr. Simons joined Argus 27 years ago as a full-time employee in 1971, following his graduation from the University of Western Ontario in Canada, with a major in economics.

After working in administration and as a sales representative, he became a sales supervisor in 1975 and manager of Bermuda Life Insurance Co., 1977 to 1986.

He 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 US, completing the five part programme with honours.

Argus president Dr. J.A.C. King said, "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.

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