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Hamilton, Bermuda: 23^rd, August 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 six months ended 30^th June 2021.  The full filing stated:

 

BF&M Limited (“BF&M”, “the BF&M Group” or “the Company”) today reported net income for the six months ended 30^th June 2021, of $14.8 million as compared to net income for the comparative period in 2020 of $10.4 million. Earnings for the period for 2021 equated to an annualized Return on Equity of 9.7% as compared with 7.1% for 2020.

 

Group Chairman and CEO John Wight stated: “The BF&M Group has achieved strong results for the six months ended 30th June 2021. Both our P&C and Group Benefits businesses performed well, as reflected in the increase in premiums earned and commission income.”

 

Equity attributable to shareholders at 30th June 2021, was $306.5 million. General fund assets totaled $1.2 billion, of which $93.7 million was held in cash and cash equivalents.

 

Gross premiums written for the period increased from the prior year by 15% to $170.9 million, driven by increased property premiums in the Caribbean and from health & annuities premiums in Bermuda.

 

Short term claims and adjustment expenses increased by 64% to $6.9 million. Life and health policy benefits decreased by 43% to $33.7 million.

 

Operating expenses increased by 2% to $27.0 million for the period.

 

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

 

BF&M General Insurance Company Limited               A (Excellent)                      Bermuda

 

BF&M Life Insurance Company Limited                       A (Excellent)                      Bermuda

 

Island Heritage Insurance Company, Ltd.                     A (Excellent)                      Cayman

 

 

 

BACKGROUND

 

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 +1 441 295 5566, Fax +1 441 292 8831, Email jwight@bfm.bm

                                               

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.