in earnings this year.

Argus Group president and CEO Gerald Simons said earnings for the year ending March 31, 2000 were $14.9 million -- up from $12.04 million the previous year.

This is the eighth successive year in which Argus achieved earnings growth.

And claims, benefits and claims expenses increased by more than six percent over last year -- a reduction from increases of more than ten percent per annum in previous years.

"We have worked very hard to put in place a meaningful managed care programme and the reduced level of overseas claims this year is very encouraging,'' said Mr. Simons.

Net premiums for the year rose by 13.19 percent from $45.14 million to $51.10 million.

Apart from these gains, investment results were flat with an under-performing bond market and Bermuda equity values little changed from the previous year.

The Argus Group is also celebrating its fiftieth anniversary this year.

Somers Isles Insurance Company Limited, the founding company of the group was formed on August 14, 1950.

Through the year Argus plans to celebrate their anniversary in several different ways.

The directors declared a special quarterly dividend of 50 cents per share to shareholders on record on June 30, 2000.

The dividend, which will be paid on July 14, 2000, is commensurate with the record earnings achieved in their fiftieth year of operations.

The Argus group expects quarterly dividends will revert to their normal levels after this payment.