Argus Insurance Company Limited has applied to incorporate a local limited liability company called Argus Financial Limited.

Company president Gerald Simons said that the new company, which Argus is incorporating with Henry R. Perren on behalf of Barbados-based Cidel Bank & Trust Inc., will carry on business as an investment advisor and manager. Mr. Simons said the purpose of the new company is to help improve Argus? existing pension business.

?Initially AFL?s focus will be on the improvement of the management of the assets held in Bermuda Life Insurance Company Ltd.,? he said. While the formation of the company may create a few new jobs, it will not be any significant numbers. The company will operate out of Hamilton.