Insurance group BF&M saw its first quarter profits jump just over $1.5 million in the opening three months of 2007 compared to the same period a year ago.

The decision to expand into overseas markets, such as Barbados, has been attributed to much of the improvement in earnings.

BF&M Ltd., which is the holding company of BF&M Insurance Group, made a profit of $6,307,157 to the end of March, compared to $4,728,977 year-on-year.

The results equate to a return on shareholders' equity of 21 percent.

Chief executive officer John Wight, said: "We were very pleased with the result. Earnings from domestic insurance business in Bermuda remained strong with the increases in earnings coming principally from BF&M's 51.7 percent owned subsidiary, the Insurance Corporation of Barbados Limited and the Bermuda International Insurance Services Limited, the company formed to sell offshore life insurance products to high net-worth clients in the international marketplace."

At the end of March BF&M Limited had consolidated group assets of $586.5m and shareholders' equity of $122.7m.

Gross premiums written for the first three months of the year were $44,577,528, representing a four percent improvement on 2006. Investment income increased 36 percent to $4.9m, claims, policy benefits and claim expenses increased two percent to $21.2m and operating expenses went up nine percent.