Argus Group improperly calculated the percentage of shares owned by Equilibria Capital Management in an announcement Wednesday, the insurer said in a statement on the BSX News site yesterday.

It said the fund owns 25.39 per cent of Argus’s securities rather than the 27.20 per cent reported in the earlier document.

Argus said that the miscalculation was the result of a double counting of shares owned by an Equilibria nominee. It said that the problem was related to data coming from the Bermuda Securities Depository, without elaborating.

“The error was due to some issues with the feed received from the BSD that resulted in Argus erroneously double counting the shares in one of Equilibria’s five nominees accounts,” the insurer said in the statement.

Despite the error, Equilibria still owns more than a quarter of Argus. The fund has been steadily increasing its ownership stake.

In July 2020, the fund said it owned 11 per cent of the insurer, and by November that year, Equilibria had 12.5 per cent of the shares. In January 2021, the Equilibria stake was 15.36 per cent, and by June of that year, the fund had increased its stake to 17.12 per cent.

In July, the fund raised its stake to 23.9 per cent.

It was the largest shareholder of Argus then, and likely remains the largest shareholder, as no other large transactions have been reported since July.