BF&M decides against company sale
The domestic insurer BF&M Limited has concluded a strategic review, and determined against a range of potential options, one of which was seeking a buyer for the company.
Nearly seven months ago, the board initiated a review of strategic alternatives to maximise shareholder value which, it said, might include the sale of the company.
That option has apparently been taken off the table, with a statement today saying that after a comprehensive process with the assistance of Desjardins Capital Markets, the board has determined that continuing to execute its strategic plan on a stand-alone basis is in the best interest of all shareholders.
Anthony Joaquin, the acting chairman of the board, said: “During our review, the board assessed a comprehensive range of potential outcomes.
“Ultimately, this process reinforced our confidence that BF&M has the right strategic plan already in place to maximise value for shareholders.
“With this evaluation concluded, the board is fully committed to supporting Abigail (CEO Abigail Clifford) and the rest of the company’s leadership team as they continue to execute this plan.”
Ms Clifford said: “BF&M is entering 2023 with a strong capital position and foundation for growth, including the highest AM Best financial strength rating of any domestic insurers operating in Bermuda and the Caribbean.
“We remain focused on taking decisive steps to create value for shareholders, while providing best-in-class support to our clients as they navigate a challenging economic environment and positioning BF&M as an employer of choice.”
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