Argus Group pays tribute to Sheila Nicoll

The Argus Group has paid tribute it its former chairwoman, pioneering re/insurance executive Sheila Nicoll, who passed away earlier this month. 

Bermudian Nicoll served on the Argus board for 15 years, including ten years as chairwoman. Before retiring in 2021, she was also chief operations officer of the Sirius Group capping a distinguished 40 year re/insurance career.  

Having graduated from Oxford with a master’s in chemistry, her accomplished career spanned over 40 years in insurance and reinsurance across Bermuda, London, and New York. She exemplified leadership, dedication, and a pioneering spirit, Argus said. 

Among her achievements, she was a senior vice president of White Mountains Insurance Group where she was responsible for operations.  She was also chief executive officer of Olympus Re, a White Mountains sidecar formed in the wake of the 9/11 terrorist attacks.  

She also had experience working at Lloyd's of London, Johnson & Higgins in Bermuda and at the New York Insurance Exchange.  She was a past President of the Bermuda Insurance Institute and served on the Insurance Advisory Committee. 

Argus said: “As a female leader in the financial services industry, her journey and achievements are incredibly inspiring. But Sheila’s success in a tough commercial environment was never at the expense of her empathy and humanity.”

Alison Hill, CEO, The Argus Group, shared: “Ms. Nicoll was always so very humble, kind, and thoughtful. She always cared about people, taking time to see how colleagues were doing and to offer a word of encouragement and support. She led with technical acumen, integrity, and strength, helping to shape the Argus of today, for which we are forever grateful.”

In an interview with Bermuda:Re+IL in 2019, Nicoll said: “Yes, women are significantly under-represented in the global reinsurance market, particularly at the senior management levels, and the Bermuda market is no different.

“However, I’ve seen good progress during my career with an increasing number of women in senior roles and believe that we need to ensure that the momentum is maintained.”

Argus noted that Nicoll has contributed to the wider Bermuda community, serving as chair of the Bermuda Maritime Museum. 

“Most of all, she cared about the next generation of financial services professionals, so it was fitting to honour Ms. Nicoll through the creation of an Argus Group Scholarship in her name in 2021, investing in the future of Bermuda by supporting the careers of young Bermudians,” Argus said. “Ms Nicoll was passionate about this initiative, and was directly involved in the selection of Vincent Darrell, the first awardee of the Sheila Nicoll Award. 

“Ms Nicoll remained close to Mr. Darrell, was proud of his academic achievements and thrilled by the positive impact the scholarship had on him. Moreover, her role as a mentor and role model, particularly for women in business and the insurance industry, cannot be overstated.”

Darrell said: "Receiving the Sheila Nicoll Award  was a turning point in my academic and professional journey. Sheila's support and mentorship have been invaluable, and her belief in me has inspired me to strive for excellence. I am deeply grateful to have known her and will always cherish the positive impact she has had on my life."

 Hill added: "Sheila Nicoll was an extraordinary leader whose impact on Argus and the broader financial services industry was profound. Her unwavering dedication, integrity, and kindness have left an indelible mark on all who had the privilege of working with her. We will forever be grateful for her contributions and will continue to honour her legacy through the initiatives she was so passionate about.

“In this time of profound loss, we extend our deepest sympathies to her family. To Steve, John, and Andrew.  We are deeply indebted for all she has done, celebrating her life and the profound impact she has made. Her legacy will continue to inspire us.”

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