BF&M has taken over the administration of Sun Life?s remaining business in Bermuda.

The inking of the third party administration agreement with Sun Life Assurance Company of Canada Limited relates to Individual Life and Group Retirement Services.

John Wight, President & CEO of BF&M Limited said that the two-year deal will see BF&M administer several thousand life policies on behalf of Sun Life out of the company?s former home on Reid Street, now a BF&M office.

Sun Life Financial will continue to be the underwriter of Sun Life Financial policies and will continue to provide services that are not available in Bermuda. BF&M has also recently taken over The Canada Life Assurance Company?s individual life insurance business in Bermuda after the Canadian firm decided to exit the group insurance market in Bermuda.

?We are looking at areas of expansion and profitability and we see the life business as being potentially very profitable for BF&M, Mr. Wight said.

?We?re trying to acquire to the extent possible all of the non-registered undertakings Sun Life and Canada Life that had been in Bermuda for many years.

He continued: ?They both had profitable lines of business in Bermuda but both companies were looking at China and India and expanding into those countries.

?In both cases their plan is to exit smaller islands like Bermuda and therefore in both cases they looked for somebody to partner with or to transfer business to. They either approached BF&M or we approached them.The conversion has been very profitable for BF&M and we will continue to look for areas of growth either in Bermuda or elsewhere.?

BF&M is also making strides on the international front. The company is poised to officially launch Bermuda International Insurance Services Limited in January to promote the sale of life insurance products to high net worth individuals in the international marketplace.

Last week it acquired a majority interest in Insurance Corporation of Barbados Ltd.