BF&M hikes dividend
dividend from ten cents to 12 cents per quarter.
Glenn Titterton, president and chief executive officer, said the increase reflected the strong underlying performance of the company.
"I am sure this increase will be welcomed by shareholders who have not received an increase in their dividend for some considerable time,'' he said.
BF&M dividend "The company has made considerable progress and the time is right to recognise the interests of the shareholders.'' The company has rallied strongly since putting an end to its legal problems in 1999 when it agreed to a $35 million settlement with liquidators and creditors of the failed Bermuda Fire & Marine Insurance Company. In addition the company had had to pay legal costs of $41 million.
Shares had been suspended for three years, up to the time of the settlement, after the liquidators of Bermuda Fire and Marine filed suit against the company.
John Wight, executive vice president, said: "The increased dividend will be payable to shareholders of record at March 30, 2001 and will be paid on April 12, 2001. Our annual report for the year end December 31, 2000 will be available in mid April.'' Mr. Titterton said the company's balance sheet and statement of earnings will appear on the company's website at www.bfm.com BF&M dividend time is right to recognise the interests of the shareholders.'' The company has rallied strongly since putting an end to its legal problems in 1999 when it agreed to a $35 million settlement with liquidators and creditors of the failed Bermuda Fire & Marine Insurance Company. In addition the company had had to pay legal costs of $41 million.
Shares had been suspended for three years, up to the time of the settlement, after the liquidators of Bermuda Fire and Marine filed suit against the company.
John Wight, executive vice president, said: "The increased dividend will be payable to shareholders of record at March 30, 2001 and will be paid on April 12, 2001. Our annual report for the year end December 31, 2000 will be available in mid April.'' Mr. Titterton said the company's balance sheet and statement of earnings will appear on the company's website at www.bfm.com
