Sheila Nicoll, the former chairman of the Argus Group, has died, the company announced today.

Paying tribute, Alison Hill, the chief executive of Argus, said Ms Nicoll’s distinguished career and significant contributions to the insurance and reinsurance industry would always be remembered.

“Ms Nicoll’s success in a tough commercial environment was never at the expense of her empathy and humanity,” Ms Hill said.

“She always cared about people, taking time to see how colleagues were doing and to offer a word of encouragement and support. She led with technical acumen, integrity, and strength, helping to shape the Argus of today, for which we are for ever grateful.”

Ms Nicoll served on the Argus board for 15 years and as chairman for a decade. Before her retirement three years ago, she was also the chief operations officer of the Sirius Group.

Having graduated from Oxford with a master’s in chemistry, her career spanned more than 40 years in insurance and reinsurance across Bermuda, London and New York.

The Argus Group said she exemplified leadership, dedication and a pioneering spirit. As a woman leader in the financial services industry, her journey and achievements were incredibly inspiring, it said.

Ms Nicoll was also past president of the Bermuda Insurance Institute and chairman of the Bermuda Maritime Museum, and she supported many philanthropic causes.

Argus said that Ms Nicoll cared about the next generation of financial services professionals and, in 2021, the company honoured her with the creation of an Argus Group scholarship in her name.

Vincent Darrell, the first to get the Sheila Nicoll Award, said receiving it was a turning point in his academic and professional journey.

“Sheila’s support and mentorship have been invaluable, and her belief in me has inspired me to strive for excellence,” he said.

“I am deeply grateful to have known her and will always cherish the positive impact she has had on my life.”

Ms Hill added: “Sheila Nicoll was an extraordinary leader whose impact on Argus and the broader financial services industry was profound.

“Her unwavering dedication, integrity and kindness have left an indelible mark on all who had the privilege of working with her.

“We will for ever be grateful for her contributions and will continue to honour her legacy through the initiatives she was so passionate about.

“In this time of profound loss, we extend our deepest sympathies to her family. To her husband, Steve Lake, and her sons, John and Andrew.

“We are deeply indebted for all she has done, celebrating her life and the profound impact she has made. Her legacy will continue to inspire us.”