Insurance company BF&M recorded a 42-percent increase in its earnings during 2006, hitting a record $23.9 million by the end of the year.

And the company, which has been expanding its business into the Caribbean and South America during the past two years, now has total assets of $575 million and shareholder equity up 31 percent to $111m.

The Bermuda company has reported an list of impressive performance improvement figures, not least a $1.29 jump in share earnings to $3.67. Chief executive officer and president John Wight said: “We were very pleased with our results for 2006 as all insurance lines of business recorded excellent results. It was the combined efforts and teamwork of management and staff at BF&M that generated these results in 2006.”

In the past month BF&M has announced it is entering markets in Latin America and the Caribbean after reaching an agreement with International Reinsurance Services to underwrite, provide and administer a range of health, life and personal accident reinsurance in those markets. This follows on from acquiring a 51.7 percent holding of the Insurance Corporation of Barbados and, in 2006, launching Bermuda International Insurance Services Limited to market and distribute life insurance products to high-net worth individuals around the world.

Announcing the company’s record earnings, Mr. Wight said: “The diversification of BF&M into other countries, but in lines of business that we have expertise in, has opened up new avenues for profitability in future years.

“Bermuda will always be our main focus, however expansion outside Bermuda into Barbados in 2005, and other Caribbean countries and Latin America in 2007 will enhance long term shareholder value.”

BF&M offers life, health and pensions products as well as property, casualty, motor and marine insurance and also asset management. A breakdown of the 2006 results show a 50-percent increase in gross written premiums to $177.9m and investment income up 61 percent to $16.3m.

Commissions and other income is up 85 percent to $18.2m.

Currently rated A (excellent) by A.M. Best, the company increased its quarterly share dividend from 14 cents to 16 cents for shareholders of record on March 30.