The Argus Group has completed the acquisition of a Bermuda-based insurer MassMutual Bermuda Ltd.

The announcement came yesterday from Argus president and chief executive officer Gerald Simons, who said the deal would enable the Group's subsidiary Argus International Life Bermuda Limited to become a leading offshore insurance provider.

And it will enable the Bermuda Stock Exchange-listed company to further expand its insurance operations beyond the limited domestic market.

MassMutual Bermuda Ltd., which is based on Wesley Street in Hamilton, offers variable life and annuity insurance products.

"Having actively pursued the international wealth management market for over a decade, this acquisition will strengthen the position of Argus as a leading offshore insurance provider in this area," Mr. Simmons said.

"We are very pleased to continue to grow our international life insurance business, a business that is not restricted by the limited size of Bermuda. With this most recent acquisition, we believe that we are uniquely positioned to provide the highest level of service that this niche market expects."

Argus International Life Bermuda was previously the Bermuda-based unit of Tremont International Insurance, acquired by Argus December 2006.

MassMutual was the Bermuda based unit of Massachusetts Mutual Life Insurance Company.

Established in 1851, MassMutual is a provider of life insurance, fixed and variable annuities, disability income insurance, retirement planning products, money management, mutual funds and other financial security products for individuals and small business owners, as well as for corporate and institutional markets. MassMutual has more than 1,200 sales offices throughout the United States, and international operations in Chile, Argentina and Luxembourg.