Through the purchase of 80 percent of Argus International Management Ltd., Boston-based Liberty Mutual Group hopes to bring more captive insurance business to Bermuda, the company announced yesterday.

Argus International Management, formerly wholly owned by the Argus Group, has been renamed Liberty International Management Bermuda Ltd. (LIMB). Argus retains a 20 percent ownership in LIMB.

Liberty controls the Bermuda-based company through subsidiary Liberty International. Michael Hardy and Daniel Forsythe will continue to lead the company, Liberty International chief operating officer Gordon McBurney said.

"With the addition of the business of Argus International Management and its outstanding management team led by Mike and Dan, we enhance our ability to manage a diverse book of captives for our domestic and international clients,'' Mr. McBurney said. "The formation of LIMB advances our strategy to become a major provider of captive management services to middle-market businesses in the future.'' The financial terms of the transaction were not disclosed. Liberty Mutual is a diversified financial services company with about $40 billion in consolidated assets and about $50 billion under management.

The company has about $8.7 billion in revenue and ranks 126 among Fortune 500 companies.