Latin America and the Caribbean are the latest markets opening up to BF&M Life Insurance Company as it looks beyond the Island’s shores for revenue growth.

It has just made an agreement with International Reinsurance Services (IRM) to underwrite, provide and administer a range of health, life and personal accident reinsurance in the new markets.

IRM is already a leading reinsurance management company providing life and health reinsurance in 27 countries in the region.

John Wight, BF&M’s president and CEO, told TheRoyal Gazette: “IRM is a group we have known well for several years. They have a track record of profitability in the Caribbean and Latin America and they understand that market well. They were looking for reinsurance support.”

During 2006 BF&M set up a wholly-owned subsidiary called Bermuda International Reinsurance Services to write life and health reinsurance to act as the vehicle and resource capital for such link-ups outside Bermuda.

The company has already moved into markets including Barbados and the Bahamas in the last two years.

“Bermuda will always be our main focus, but we do look beyond the borders of Bermuda in order to maintain the level of returns shareholders expect and this is part of a continuing plan to expand,” said Mr Wight.

Although the BF&M branding is not widely known or used beyond Bermuda, the association of Bermuda to insurance and reinsurance products is highly regarded overseas and one of the strong points for BF&M as it reaches into fresh markets, according to the CEO.

Mr. Wight said: “We are delighted to be expanding into the Latin America and Caribbean regions through IRM who have a proven track record of profitability.

“In 2005, BF&M acquired 51.7 percent of the Insurance Corporation of Barbados and in 2006 Bermuda International Insurance Services Limited was launched to market and distribute life insurance products to high net-worth individuals globally.”

The company partnered with LIV Insurance and Brokers and Agents, which act as managing general agents for BF&M in distributing life, health and retirement products in the Bahamas.

Mr. Wight and Lynne Woolridge, who is responsible for the day-to-day running of Bermuda International Reinsurance Services, will be the BF&M ‘resources’ in the new link-up with IRM.