Insurer BF&M Ltd’s profits fell 3.7 percent to $5.7 million in the first quarter of this year, as soaring health insurance claims took their toll.The company’s chief executive officer John Wight said today there had been an 18 percent in major claims for overseas treatments and a 16 percent increase in claims from King Edward VII Memorial Hospital in-patients.“We were satisfied overall with the company’s financial results given the current economic climate in Bermuda,” Mr Wight added.Premium revenue increased seven percent over the first three months of 2010 to $63.2 million, while investment income fell two percent to $4.3 million.BF&M’s board of directors maintained the dividend of 20 cents per share for shareholders of record at June 30, 2011.