This page provides Regulatory news filings submitted by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Hamilton, Bermuda: 28^th, March 2022 - In a filing with the Bermuda Stock Exchange (the “Exchange”), BF&M Limited (the "Company"; Ticker: BFM.BH) Reports Shareholders’ Net Income for the Year Ended 31st December 2021 of $25.2 million.  The full filing stated:

 

BF&M Reports Shareholders’ Net Income
for the Year Ended 31^st December 2021 of $25.2 million

 

 

Hamilton, Bermuda, 28 March 2022—BF&M Limited (“BF&M”, “the BF&M Group” or “the Company”) today reported shareholders’ net income of $25.2 million for the year ended 31^st December 2021, compared with shareholders’ net income of $20.5 million for 2020. Earnings for 2021 equated to an annualized Return on Equity of 8.3% compared with 7.1% in 2020.

 

Group Chairman and CEO John Wight stated: “I am pleased to report strong financial results for BF&M Limited for the year ended 31 December 2021. BF&M’s Group Employee Benefits business was the primary driver for these earnings as Group Health, Life, and Pensions lines all met profit expectations. In addition, the Property & Casualty business recorded improved financial results driven by strong growth in earned premiums and commission income–with claims experience acceptable in a year with storm activity largely limited to Tropical Storm Grace in Cayman. Finally, investment results for the Group were strong as equity markets performed well.”

 

Mr. Wight added: “It is telling that these results were achieved in a year that continued to feature pressures from the pandemic. By partnering with our customers and prioritising high service levels, we were able to demonstrate the strength of our value proposition.”

 

Equity attributable to shareholders at 31^st December 2021, was $312.8 million. General fund assets totaled $1.1 billion, of which $103.2 million was held in cash and cash equivalents.

 

Gross premiums written for the year increased from the prior year by 15% to $353.0 million, driven by increased property and group health premiums and new business.

 

Short term claims and adjustment expenses increased by 53% to $14.8 million. Life and health policy benefits decreased by 24% to $77.5 million.

 

Operating expenses maintained at the similar level, $54.6 million for the year.

 

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

 

 

ENDS

 

BACKGROUND

 

BF&M Limited is the holding company of the BF&M group of companies (“BF&M Group”). The twolargest operating companies within the BF&M Group are BF&M Life Insurance Company Limited, aleading 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. TheBF&M Group includes several other companies including BF&M Investment Services Limited, BF&MProperties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay PropertiesLimited), and Island Heritage Insurance Company, Ltd.

 

#          #          #

 

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.