property they acquired from the Bermuda Financial Centre Ltd., after Argus called in its $7.5 million loan facility and assumed ownership of Bermudiana owner, Winson Holdings Ltd.

Despite losses as a result of Hurricane Felix last August, the group's two property and casualty portfolios, written by Argus and Centurion, had good results.

Business growth in life and annuity contracts was reflected in a premiums increase of 34 percent to $4,180,000. And pension deposits, helped by transfers from other carriers, generated a cash flow of $21,960,000 in the year.

Argus maintained market share in fire, workmen's compensation and group accident classes, with increased premium levels.