AGH 4.9 0.00 Vol 0 BAS 1.75 0.00 Vol 0 BFM 22.75 0.75 Vol 10000 BG23B 0 0.00 Vol 0 BPH 4.26 0.00 Vol 0 DEVON 2.25 0.00 Vol 0 LOM 3.2 0.00 Vol 0 NTB 38 0.00 Vol 0 POLAR 0 0.00 Vol 0 SOM 17 0.00 Vol 0 WHHL 4.2 0.00 Vol 0 WWW 29 0.00 Vol 0
Market Closed:

BF&M Reports Shareholder’s Net Earnings for the Year Ended 31st December 2020 of $20.5 million


Hamilton, Bermuda: 29 March 2021- In a filing with the Bermuda Stock Exchange (“BSX”), BF&M Limited (the "Company"; Ticker: BFM.BH) today announced shareholders’ net income for the year ended 31st December 2020.  The full filing stated:




BF&M Limited (“BF&M”, “the BF&M Group” or “the Company”) today delivered 2020 shareholders’ net income of $20.5 million. Shareholders’ net income for 2019 was $11.9 million. 




Group Chairman and CEO John Wight stated: “BF&M reported strong operating results for 2020, demonstrating resilience in an extraordinary year. Against a backdrop defined by the Covid-19 pandemic, drivers of our performance included a reduction in claims offset by lower premiums received and higher reinsurance rates”


He added: “We demonstrated agility in our response to change, underpinned by our commitment to being there for our customers through challenging times. Looking ahead, we expect to see an increase in claims activity once vaccination programmes curb the impacts of Covid-19. The reality is we cannot say with certainty when that will be and we must plan accordingly for the long term. We are well-positioned for 2021 and beyond.”




Equity attributable to shareholders at 31st December, 2020, was $295.1 million. General fund assets totaled $1.1 billion of which $153.6 million was held in cash and cash equivalents.




Gross premiums written for the period decreased from the prior year by 7% to $308.1 million, driven by an expected shift of health premiums between the Company and the amounts allocated to the Bermuda Government as part of Bermuda’s health financing reforms, along with lower property and casualty premiums and life premiums stemming from COVID-19 impact.




Short term claims and adjustment expenses decreased by 48% to $9.7 million. Likewise, Life and health policy benefits decreased by 21% to $101.4 million.




Operating expenses increased 7% to $52 million for the periodin comparison to last year, contributed to by higher uncollectible premiums from customersstemming from COVID-19 impact.




BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services. The Group consists of three main insurance operating companies, with the following A.M. Best financial strength ratings, affirmed in October 2020:




BF&M General Insurance Company Limited
BF&M Life Insurance Company Limited
Island Heritage Insurance Company Ltd.

A (Excellent)
A (Excellent)
A (Excellent)











BF&M Limited is the holding company of the BF&M group of companies (“BF&M Group”). The two largest operating companies within the BF&M Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The BF&M Group includes several other companies including BF&M Investment Services Limited, BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited), and Island Heritage Insurance Company, Ltd.




For further information contact:-
R. John Wight, FCPA, FCA, CPCU, Group Chairman and Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail





08:30-09:00 Price Discovery
09:00-16:30 Continuous Trading


TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619


30 Victoria Street
3rd Floor
Hamilton, Bermuda


P.O. Box HM 1369
Hamilton HMFX



The information contained in these pages has been obtained from sources which The Bermuda Stock Exchange believes are reliable. However, the accuracy of the information cannot and is not guaranteed and The Bermuda Stock Exchange makes no representation as to its accuracy or completeness. Neither this Web site, nor any information contained herein, constitutes advice or a solicitation to subscribe, purchase or sell any securities. The Bermuda Stock Exchange expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this site or any external sites referenced from this website.