BF&M has made a profit of $21.6 million for the first nine months of this year.

The holding company of BF&M Insurance Group has posted a near $7 million jump in net earnings compared with the same period in 2006. The result equates to a 21.9 percent return on shareholders equity.

"We continue to execute our business strategy. We are very pleased with the nine month results, experiencing very good financial performance from all our insurance and non insurance lines of business," said John Wight, president and CEO of BF&M.

"Group contributions from general insurance, health and life insurance, real estate, asset management, pension administration and BF&M's interest in the Insurance Corporation of Barbados Limited were strong."

He said the company's two newest enterprises, Bermuda International Insurance Services and Bermuda International Reinsurance Services, were "developing new business as expected."

BF&M's total assets stood at $640.1 million as of September 1. Over the first nine months of this year its gross written premiums improved 12 percent to $153.5 million. The company is currently rated A (excellent) by AM Best.