A subsidiary of Argus Group Holdings Ltd has completed its acquisition of 3,394,403 shares in BF&M Ltd from Lawrie (Bermuda) Ltd, a wholly-owned subsidiary of Camellia Plc.

Argus announced on Wednesday that its subsidiary, Holdco 123 Ltd, had commenced that process.

With the transaction now complete, Argus, through its subsidiary, now owns approximately 36.2 per cent of the issued shares in BF&M Ltd.

The two domestic insurers announced in June that they were to merge after signing a definitive amalgamation agreement.

In a filing with the Bermuda Stock Exchange on Wednesday, Argus said: “Under the terms of the amalgamation agreement announced on 28 June 2024, completion of this share transaction is a condition to completion of the proposed amalgamation of Argus with a wholly-owned subsidiary of BF&M.”

Under the terms of the agreement, Argus will amalgamate with Eleos Health Ltd.

Argus said it will shortly set the record date for the Argus shareholder meeting at which Argus shareholders will be given the opportunity to vote on the amalgamation.