Argus Group chief executive Alison Hill will be a free agent if her employer’s proposed merger with BF&M is completed.

If the deal closes, Abigail Clifford, the group president and chief executive of BF&M, will be chief executive of the combined group and Peter Dunkerley, the chief financial officer and deputy chief executive of Argus, will become chief financial officer.

Anthony Joaquin, the chairman of BF&M, will serve as chairman of the combined group.

Ms Hill, who has led Argus for 15 years, said: “As is customary with these kind of transactions, the majority shareholder drives the process to select the chief executive and chairman.

“That's why I decided to stand aside. I truly believe in this transaction, and to ensure that we had a speedy conclusion, I opted to stand aside and hand the reins over to Abi who will do a fabulous job in the combined business.”

The parties hope that the transaction will complete in the fourth quarter of this year.

Ms Hill added: “I will be at the helm of Argus until such time as that completion happens. Then I will probably take a bit of a well-earned break and then look for other opportunities.

“I love Bermuda and I'm passionate about Bermuda, so will look for other opportunities to direct my drive, interest and talents.”