Three new directors were elected and four longtime directors did not stand for re-election at the annual meeting of Argus Group Holdings Ltd.

In a filing with the Bermuda Stock Exchange, Argus said Sergio Muñoz, Christian Teixidor Andersen and former Leader of the Opposition Cole Simons were elected to the board.

The appointments remain subject to regulatory approval by the Bermuda Monetary Authority.

At the AGM, shareholders approved amendments to the company’s bylaws to reduce the board size to a maximum of nine directors — previously the maximum was 12 — and to introduce nine-year term limits for directors of the company.

In line with these amendments, four directors did not stand for re-election to the board – Paul Wollmann, Peter Burnim, Timothy Faries, and Alison Hill – as they would have exceeded the new nine-year term limit.

Argus said Ms Hill would remain as chief executive of the company.

In a letter to shareholders sent before the AGM, board chairman David Brown said Argus had agreed to propose to all shareholders governance changes requested by Equilibria Capital Management Ltd, a significant shareholder of Argus.

The proposed election of Mr Simons, Mr Muñoz and Mr Teixidor Andersen was at the behest of Equilibria, as were the amendments of the bylaws in respect of term limit and the maximum number of directors.