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The last 12 months have thrown environmental, social and governance – or ESG – issues into stark relief. No company, including Argus, has been left untouched by the ravages of the global pandemic and climate change, issues of equality and equity, and challenges to the corporate status quo.

But Argus has been able to navigate the past year with its commitment to its people, and the communities in which it does business, intact.

Our strategic decision-making in the health care and insurance sectors is guided by a holistic view of our stakeholders’ needs. We take the same approach in evaluating our impact through an ESG lens, recognising the interconnectedness of environment, social and governance factors.

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Our Company and ESG

At the Board level, as the torch is passed from one Chairman to another, 40 percent of our Directors represent women and persons of colour.

Our committees are composed entirely of, and are chaired by, independent directors. The average age of the Board is 58. During the 2021-2022 fiscal year, the Board plans to announce the recruitment of a woman of colour with a health care background to serve on the Argus Group Board of Directors.

In April 2021, Argus further enhanced the insurance and financial skillset of its directors by adding two members, Costas Miranthis and Garrett Curran, with vast experience in these sectors. Costas and Garrett join an already diverse, accomplished group who are committed to steering the organisation to profitable, sustainable success while adhering to the caring philosophy that remains one of Argus’ hallmarks.

A key area of governance focus for Argus is the underlying philosophy of its investments strategy. In that regard, over 80 percent of Argus’s portfolio is managed to guidelines with specific ESG criteria, positively targeting above-average ESG ratings and using negative screens to exclude exposures to coal, tobacco and guns.

In addition, all Argus investment managers are signatories to the United Nations Principles of Responsible Investing and use ESG metrics as part of their investment analysis process. The commitment to ESG principles at Board level translates to operational policies and practices in our businesses.

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The commitment to ESG principles at Board level translates to operational policies and practices in our businesses.

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We were rocked, as was the rest of the world, by the Black Lives Matter movement, and as a result have developed a plan for engaging our employees in conversation about the manner in which this and other issues related to social justice had impacted them. While our annual employee survey indicates that 84 percent of our colleagues feel they are treated equally, additional feedback led us to kickstart discussions at a deeper level.

Led by Group CEO Alison Hill as the executive sponsor of Argus’ diversity and inclusion (D&I) initiative, a Group-wide employee committee is finalising a framework and a phased, 90-day D&I roadmap that will guide us in ensuring that, throughout its global operations, Argus is an inclusive, equitable place to work.

As we implement our D&I strategy, we’ve created an internal communications channel accessible to all employees to enable informal communications on race, racial injustice, racial inequality and inequity. We’ve provided additional resources to help increase knowledge of the Black experience. Our managers will be receiving training support as they lead and/or create environments where open discussion about race is welcomed and encouraged.

At the regional level, and consistent with programmes in place in Bermuda, Argus Europe has provided all employees with online D&I training and have embedded the training in their orientation programme for new hires. Our staff in Gibraltar and Malta are also being offered training in discrimination, harassment and sexual harassment as are our employees in Bermuda.

While we adapt to a world in a state of rapid change, we’re not only monitoring the culture that we’re developing – we’re also keeping a close eye on how Argus impacts the environment.

As the world grappled with the impact of COVID-19, we enabled our employees in adopting, almost overnight, a work from home protocol. As we learned how to meet and do business virtually, we discovered innovative ways of interacting with each other, with our customers and with our shareholders.

While a screen will never replace the face-to-face relationships we hold dear at Argus, these discoveries will drive not only greater flexibility for our employees but also greater efficiencies throughout the company.

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We strive to make Argus an inclusive, equitable place to work.

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Our headquarters in Bermuda represent the largest operations in the Argus Group. There, our buildings feature an energy management system that automates building controls and also monitors and manages heating, ventilation and lighting. We’ve reduced our real estate footprint in Bermuda by surrendering leased office spaces and moving employees into Argus-owned facilities.

In Bermuda, Gibraltar and Malta, LED lighting is used throughout newly renovated spaces; triple-glazed tinted windows reduce the amount of energy needed to cool and heat the floors; and, in most offices, hot water heaters are powered by solar panels.

Throughout our businesses, all offices have dedicated recycling bins. Our employees have embraced a “no plastic cup” ethos.

In addition to making sure our workspaces don’t contribute to climate change, we’re adapting our spaces as well as our policies to meet the challenges and opportunities of a post-Covid world. Our experience with remote working has proven that increased flexibility in where and how we work offers our employees options that help them meet their professional as well as personal responsibilities.

However, even before COVID-19, we recognised that we needed to modify our physical spaces to encourage contemporary ways of working. As a result, we’re continuing our move towards highly networked, shared, multi-purpose environments that improve collaboration between teams.

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Our Communities and ESG

As is so often the case in times of crisis, the critical role played by the non-profit sector came to the fore during COVID-19.

Argus distributed $519,000 during the 2021 fiscal year to charitable organisations in Bermuda, Gibraltar and Malta, allocating funding to programmes targeting those hit hard by Covid.

These programmes included services that enabled testing and vaccination; addressed food insecurity; and ensured that young people had access to activities promoting healthy living.

For example, $37,500 was donated to organisations providing meals to struggling Bermudian residents. These charities included the Bermuda Community Foundation, Meals on Wheels and Christ Church Warwick.

Also in Bermuda, Argus employees organised a Christmas lunch, gifts and necessities for teenage girls supported by the charity Teen Haven. This event was further supported by a personal donation from Argus Americas senior staff.

Under the umbrella of “Our Future is You,” seven organisations received programme funding, positively impacting the lives of many young people.

Our Gibraltar office sponsored the Lincoln Football Club Grassroots Football Teams and the Bayside School Basketball Team. The office also made a corporate donation to Clubhouse Gibraltar to support the building of a new mental health centre. Our Malta colleagues undertook their annual collection of food for Foodline Lifeline Foundation, a local food bank.

We also continued to support non-profits with whom we have an ongoing relationship. One such organisation is Ignite Bermuda, a Bermuda-based registered charity that nurtures entrepreneurs and assists them with the planning, marketing and execution of their business plans.


As our Group CFO Peter Dunkerley noted in our 2019 Annual Report, “Our commitment (to the communities in which we operate) goes beyond charitable donations by creating enduring partnerships that help educate, empower and promote positive action that will result in long-term sustainable benefit.”

Housed in Argus office space that’s donated free of charge to Ignite, the overarching mission of the programme – to create jobs and economic diversity for Bermuda – aligns with Argus’ holistic view of well-being.

While we’re proud that many ESG considerations have been embedded for years in the way we do business, we know there’s still much to be done. Having said that, the commitment and will to be best-in-class in this regard permeates the Argus Group. We have no doubt that our next Annual Report will feature significant progress in this regard.

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While we’re proud that many ESG considerations have been embedded for years in the way we do business, we know there’s still much to be done.

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Our Board of Directors

Our Directors are dedicated to promoting collaboration and innovation throughout the Company. They are focused on the goal of ensuring exceptional service for our customers and are committed to setting Argus apart as a leader in the industry.

David A. Brown

David A. Brown

  

CPA, FCA

Chair

Keith W. Abercromby

Keith W. Abercromby

  

BSc, FIA

Independent Director

Peter R. Burnim

Peter R. Burnim

  

MBA

Independent Director

Garrett P. Curran

Garrett P. Curran

  

Independent Director, Managing Director, Equilibria Capital Management

Timothy C. Faries

Timothy C. Faries

  

BA, LLB, LLM

Independent Director, Managing Partner, Appleby (Bermuda) Limited

Alison S. Hill

Alison S. Hill

  

FCMA, CGMA

Chief Executive Officer, Argus Group Holdings Limited

Barbara J. Merry

Barbara J. Merry

  

BA, ACA

Independent Director

Constantinos Miranthis

Constantinos Miranthis

  

MA

Independent Director

Shelia E. Nicoll

Shelia E. Nicoll

  

FCII

Independent Director

Everard Barclay Simmons

Everard Barclay Simmons

  

LLB, MBA

Independent Director

Kim R. Wilkerson

Kim R. Wilkerson

  

JP, CPCU

Independent Director, Senior Vice President, Regional Head of Claims Insurance XL Bermuda Ltd. AXA XL

Paul C. Wollmann

Paul C. Wollmann

  

MBA, CPCU, ARE, ARM

Independent Director, President & Chief Underwriting Officer, Essent Reinsurance Ltd.

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Officers & Committees

ARGUS GROUP HOLDINGS LIMITED

David A. Brown (Chair)

Keith W. Abercromby

Peter R. Burnim

Garrett P. Curran

Timothy C. Faries

Alison S. Hill

Barbara J. Merry

Constantinos Miranthis

Sheila E. Nicoll

E. Barclay Simmons

Kim R. Wilkerson

Paul C. Wollmann

OFFICERS

Chair – David A. Brown

Deputy Chair – Peter R. Burnim

Chief Executive Officer – Alison S. Hill

Chief Financial Officer – Peter J. Dunkerley

Chief Investment & Governance Officer – Simon J. A. Giffen

Company Secretary – Elizabeth A. Hutton

BOARD COMMITTEES

Audit Committee

Keith W. Abercromby (Chair)

David A. Brown

Garrett P. Curran

Paul C. Wollmann

Governance Committee

Sheila E. Nicoll (Chair)

Timothy C. Faries (Deputy Chair)

Barbara J. Merry

Kim R. Wilkerson

Risk Committee

E. Barclay Simmons (Chair)

Peter R. Burnim

Barbara J. Merry

Constantinos Miranthis

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Our Leadership Team

Alison S. Hill

Alison S. Hill

  

FCMA, CGMA

Chief Executive Officer, Argus Group Holdings Limited

Simon Giffen

Simon Giffen

  

Chief Investment & Governance Officer

Tyrone Montovio

Tyrone Montovio

  

Chief Executive Officer, Argus Europe

Hannah Ross

Hannah Ross

  

Chief Strategy & Capital Officer

Nik Smale

Nik Smale

  

Chief Digital Officer

Peter Dunkerley

Peter Dunkerley

  

Chief Financial Officer, Argus Group Holdings Limited

Peter Lozier

Peter Lozier

  

Chief Executive Officer, Argus Americas

Onesimus Nzabalinda

Onesimus Nzabalinda

  

Chief Global Compliance & Audit Officer

David Simons

David Simons

  

Managing Director, Centre of Excellence

Sheena Smith

Sheena Smith

  

Chief Human Capital & Culture Officer

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Our Principal Operating Subsidiaries

ARGUS AMERICAS

BERMUDA SUBSIDIARIES

Argus Insurance Company Limited

Paul C. Wollmann (Chair)

David A. Brown

Peter J. Dunkerley

Alison S. Hill

Peter Lozier

Centurion Insurance Services Limited

Alison S. Hill (Chair)

Andrew H. Bickham

Peter J. Dunkerley

Bermuda Life Insurance Company Limited

Timothy C. Faries (Chair)

Peter J. Dunkerley

Alison S. Hill

Sheila E. Nicoll

E. Barclay Simmons

Kim R. Wilkerson

Island Health Services

Alison S. Hill (Chair)

Dr. Gerhard L. Boonstra

Peter J. Dunkerley

Peter Lozier

Dr. Louise White

Dr. Basil N. Wilson

Argus Wealth Management Limited

Peter R. Burnim (Chair)

Peter J. Dunkerley

Timothy C. Faries

CANADA SUBSIDIARIES

One Team Health, Inc.

Alison S. Hill (Chair)

Peter J. Dunkerley

Peter Lozier

ARGUS EUROPE

GIBRALTAR SUBSIDIARIES

Argus Insurance Company (Europe) Limited

Keith W. Abercromby (Chair)

Peter R. Burnim

Alison S. Hill

Michael Macelli

Tyrone Montovio

Costantinos Miranthis

Sheila E. Nicoll

WestMed Insurance Services Limited

Alison S. Hill (Chair)

Tyrone Montovio

MALTA SUBSIDIARIES

Island Insurance Brokers Limited

Barbara J. Merry (Chair)

Garrett P. Curran (subject to regulatory approval)

Peter J. Dunkerley

Alison S. Hill

Tyrone Montovio (subject to regulatory approval)

Sheila E. Nicoll

Lawrence Pavia

FirstUnited Insurance Brokers Limited

Alison S. Hill (Chair)

Salv Mifsud Bonnici

Peter J. Dunkerley

Kevin Galea Pace

Peter Grima

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Five Year Summary For Shareholders

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