Director representing minority shareholder resigns from Argus

A director representing the owner of more than 25% of the shares in Bermuda domestic insurer Argus Group has resigned from the board.

In a filing with the Bermuda Stock Exchange, Argus said Garrett Curran had formally resigned as a director of the company and its subsidiaries Centurion Insurance Services and Antes Insurance Brokers effective September 28.

Curran is senior advisor to Equilibria Capital Management, which holds 25.39% of the shares in Argus, having increased its position from 17% in June, 2021.

Link: https://www.bermudareinsurancemagazine.com/news/investment-firm-increases-stake-in-argus

In September, Argus said Equilibria had increased its stake to 27.2% of its shares, up from 23.9% in July, but later amended the filing to say the Equilibria’s shareholding was 25.39%.

Bermuda-based Equilibria, whose founder, Daniel Tafur (pictured), is also behind the redevelopment of the Riddells Bay Golf Course in Southampton, held a 17.12% stake in Argus in June, 2021 around the time that Curran, a former CEO of Credit Suisse’s UK operations, joined the board.

Argus is engaged in a battle with domestic rival BF&M to secure a 36.9% stake in that company. BF&M has implemented a so-called poison pill defence in a bid to fend off the $100 million bid.