BF&M Ltd has reported a net income of $13.9 million for the year ending December 31, 2024, as the longtime insurer works towards a major transition, merging with Argus to form Allshores Ltd. Though down from $27.2 million in 2023, the 2024 results highlight resilience in a volatile market, the company said.

“Despite ongoing cost pressures, particularly in healthcare and reinsurance, our business remained sound,” said Abigail Clifford, group chief executive. She emphasised strength in BF&M’s pension arm, which contributed $16.6 million before expenses, up from $13.3 million the year prior.

Healthcare coverage saw slower growth, with $3.6 million in pre-expense earnings and rising overseas medical claim costs. Property and casualty also faced headwinds, driven by increasing reinsurance costs, but still delivered $7.6 million before allocations, Ms Clifford noted.

BF&M maintained a healthy $19.3 million in core investment income and recorded $17.7 million in fair-value gains. Meanwhile, shareholders received a $0.28 per-share dividend in April 2025.

The 2024 report marks BF&M’s last stand-alone statement, as the company merges with Argus to form a stronger Bermudian-focused multi-line insurer in Allshores.

“Our combined scale will help cushion cost pressures and improve efficiency,” Ms Clifford said.

Notably, BF&M retained it's A (Excellent) AM Best rating, an anchor of stability ahead of integration into the new group, which carries nearly $1 billion in general fund assets and $412.6 million in insurance revenue.

With a firm outlook for 2025, BF&M said it is doubling down on international growth, confident that its solid foundation and upcoming merger will strengthen its position.