The Argus Group has completed the acquisition of a Bermuda-based life insurance unit of Tremont Group Holdings.

The announcement came yesterday from Argus president and chief executive officer Gerald Simons, who said the deal would enable the Group?s subsidiary Bermuda Life Insurance Company Ltd. to become a leading offshore insurance provider.

And it will enable the Bermuda Stock Exchange-listed company to further expand its insurance operations beyond the limited domestic market.

Tremont International Insurance Limited (TIIL), which is based in Tremont House, on Park Street in Hamilton, offers variable annuities and life insurance products with a focus on hedge fund investment strategies.

Under the terms of the agreement, all of TIIL?s life insurance policies and related administration functions have been transferred to Bermuda Life. The Tremont Capital Management unit of Tremont Group Holdings, Inc., will continue to provide investment management services to the existing TIIL policy portfolio.

Regulatory approval for the transfer was obtained in connection with the purchase and sale. The terms of the transaction were not revealed.

?Having actively pursued the international wealth management market for over a decade, this acquisition will strengthen the position of Argus as a leading offshore insurance provider in this area,? Mr. Simons said. ?We are excited by this new venture and look forward to providing the high level of service that this niche market expects.

?The thing that was attractive to us about this was that it strengthens our position in the international life insurance arena, where we have been active for ten years or more.

?In the past Argus has acquired other books of business, such as New York Life Worldwide (Bermuda) Ltd., which we bought in January 1999. We have also issued some international life insurance policies directly, on our own book, but the acquisition of TIIL is another step in developing our business in this respect.

?Part of the motivation is to diversify the Argus Group, because of the smallness of the limited domestic market.?

Mr. Simons said he was not at liberty to disclose information on the number of TIIL clients or the company?s assets.

He added that the TIIL operations would now be housed in Argus?s international life insurance headquarters in Trott Road, Hamilton.

Tremont Group Holdings, Inc. was formed in 1984, is based in Rye, New York and also maintains offices and subsidiaries in London, Hong Kong and Toronto. Through its Tremont Capital Management unit, it is manages fund of hedge funds investment products and multi-manager portfolios.