The Argus Group of Insurance Companies has completed a reorganisation to bring all its subsidiary companies under a new holding company, Argus Group Holdings Limited.

The company, which sells insurance policies to Bermuda businesses and individuals, said the move saw Argus Group Holdings Limited replace Argus Insurance Company Limited as parent company. The reorganisation was previously announced, and approved by shareholders on November 24.

Argus, a company traded on the Bermuda Stock Exchange, said all shares of Argus Insurance Company Limited were cancelled and current shareholders issued new shares in Argus Group Holdings Limited.

Trading of Argus shares is expected to re-open today, at an expected opening price around $11.20.

The shares last traded on the BSX a week ago, closing at a share price of $26.85.

For each cancelled share of Argus Insurance Company Limited shareholders will be allocated 2.4 shares of Argus Group Holdings Limited.

The reorganisation of the Argus Group has taken place under a Scheme of Arrangement under the Bermuda Companies Act 1981. The scheme was approved by the Supreme Court and the change filed with the Registrar of Companies last Friday.

Under the new arrangement, the Argus Group and now owns all the subsidiary companies of the Group such as Somers Isles Insurance Company Limited and Bermuda Life Insurance Company Limited. Argus Insurance Company Limited will continue to sell both property and casualty policies, but has now become a wholly-owned subsidiary of Argus Group Holdings.

President and chief executive Gerald Simons said the reorganisation brought Argus in line with the structures of other large Bermuda companies.

The reorganisation does not have any impact on the Argus group?s assets, business or financial position.

Argus has assets in the region of $1.2 billion, and saw earnings rise 6.8 percent to $17.7 million during the last fiscal year through March 31, 2005.