BF&M Sells Its Share Of ICBL

Hamilton, Bermuda: 03 September 2020- In a filing with the Bermuda Stock Exchange (“BSX”), BF&M Limited (the "Company"; Ticker: BFM.BH) today announced sale of its share in ICBL.  The full filing stated:

BF&M Limited (“BF&M”, or “the BF&M Group”) and Paynes Bay Finance Inc. (“PBF”) jointly announced today that BF&M has sold its 51% share in the Barbados-based Insurance Corporation of Barbados Limited (“ICBL”) to PBF.

John Wight, Chairman and CEO of BF&M Limited, stated: “I can confirm that we have entered into an agreement to sell BF&M Limited’s 51% share of the Barbados-based Insurance Corporation of Barbados Limited to Paynes Bay Finance Inc. The BF&M Group has decided that by moving forward with our remaining wholly-owned, cross-jurisdictional subsidiaries, we are better positioned to execute on our long-term strategy. With ICBL’s management and staff, and PBF as the new majority shareholder, the company is in great hands. We wish the very best to all at ICBL.”

Joe Poulin, Chairman of PBF (his personal investment vehicle), said: “ICBL is a household name in Barbados, and I am honored and privileged to join the family.  As a long-time resident of Barbados, I am particularly happy to bring ICBL’s ownership home from Bermuda to Barbados.  ICBL will continue its commitment to customer experience, which has been important to me at every company where I have been involved.  Barbados is well poised to survive the current challenges associated with the worldwide pandemic, and we at ICBL will be beside Bajans every step of the way, with products and services the people of Barbados have come to rely on.  Please stay tuned for developments at ICBL, as ICBL invests in technology and people in Barbados.”