David Pugh is to step down as chief financial officer of Argus Group later this month ahead of his retirement in January next year.

Mr Pugh, who has worked for the insurer for nearly 33 years, will step down after the Argus annual general meeting on September 24 and will be succeeded by Peter Dunkerley.

Mr Dunkerley joined the Argus Group as executive vice-president, finance and treasury in 2013.

Alison Hill, chief executive officer for the Argus Group, said: “I would like to express my heartfelt thanks to David for his considerable contribution to the Argus Group over the last 33 years. During his tenure, he has helped grow the Argus Group significantly, and is responsible for our expansion overseas into Europe.”

“Given the significance of the CFO role, it is critical that we had a well thought through succession plan and sufficient time for a period of handover. It is pleasing to note that Peter has had an opportunity to work very closely with David over the last two years to ensure that we have a smooth and seamless transition.”

Mr Pugh joined the Argus Group in 1983 as group financial controller. Argus said he had been involved with all aspects of the company’s operations including the expansion of its businesses both in Bermuda and, more recently, into Europe.

“He has contributed to the development of the client-centric culture that has been the cornerstone of the success of the Argus Group,” Argus added in a statement. “In addition, he has worked hard to cultivate and maintain strong relationships with all stakeholders of the group: clients, staff, shareholders and regulators in all territories.”

As CFO, Mr Dunkerley will assume responsibility for all financial operations of the Argus Group.

Before joining Argus, Mr Dunkerley was a director in the insurance practice of PwC in Bermuda.

He holds a bachelor’s degree in aeronautical engineering from Loughborough University in England and is a Fellow of the Institute of Chartered Accountants in England & Wales and a member of the Institute of Chartered Accountants of Bermuda.

Ms Hill added: “I am delighted that David has agreed to remain with the Argus Group on a consultancy basis after he retires. David will assist in driving forward our strategic plan with a particular focus on overseas acquisitions and business development.”