BF&M Limited is poised to complete the takeover of The Canada Life Assurance Company?s insurance business in Bermuda by signing an agreement to acquire its local individual life business.

John Wight, president and chief executive officer of BF&M Limited said that the signed agreement ? which is subject to regulatory approval ? represents the final stage in BF&M Life?s acquisition of the company?s business. In March, 2004, following a strategic review, Canada?s oldest domestic life insurer announced that effective April 1, 2004 it would be exiting the group insurance market in Bermuda and would not be renewing group policies.

?Most Canada Life group client policies were transferred to BF&M Life during 2004. The acquisition of Canada Life?s individual business will be a seamless transition for Canada Life policyholders as BF&M has been administering the individual insurance business on behalf of Canada Life since May 1, 2004,? Mr. Wight said.

Letters will be mailed to all Canada Life policyholders shortly advising of the proposed transfer of the Bermuda individual insurance business.