BF&M Limited will sell life insurance products to high net worth individuals through a new venture called Bermuda International Insurance Services Limited.

The newly incorporated company will underwrite, market, and distribute the new series of products specifically tailored for the international marketplace as part of BF&M?s strategic objective for the Insurance Group to diversify into new lines of profitable business.

BF&M President and Chief Executive Officer John Wight said: ?We have decided that pursuing the international life insurance business will meet our objective of further growing our individual block of business while at the same time addressing our second strategic objective of geographic expansion.?

Michael Lima, former General Manager of Sun Life Financial (International), based in Bermuda, heads the new operation.

BF&M plans to capitalise on Bermuda?s reputation as the ?premier jurisdiction for the issuance of international insurance products for high net worth international citizens? while partnering with some of the world?s leading international reinsurers.

?The international offshore life insurance business is expanding rapidly, but as of yet, there are a limited number of committed insurers actively pursuing this market,? Mr. Lima said.

He expects the new company?s initial business will come from Asia and South America, however the company plans to eventually target other jurisdictions such as Europe and the Middle East.

Products will be distributed through a network of General Agents and Brokers from around the world.