Log In

Reset Password

BF&M sells off international unit

Bermuda insurance firm BF&M has sold off its international insurance arm.

The firm said it had offloaded Bermuda International Insurance Services to European life insurance firm Valor Group.

The BF&M business unit has now merged with the VL Assurance (Bermuda), owned by Valor Group.

BF&M CEO John Wight said his firm had decided to concentrate on its core domestic insurance and investment advisory businesses in Bermuda and the Caribbean.

He added: “We are pleased to have transitioned the business to Valor and we look forward to working with Louis and his team during this period to ensure that Bermuda International's clients continue to receive the highest levels of service.”

Bermuda International Insurance Services is a segregated accounts life insurance carrier and Valor Group said it planned to continue its existing lines of business and to “additional resources toward growing its book.”

New CEO Louis Zuckerbraun said: “Valor is pleased to assume responsibility for continuing to provide top-tier service to Bermuda International's policyholders and to make the transition from BF&M to Valor as seamless as possible for Bermuda International clients.

“Valor Group has made substantial investments in the international life insurance markets and is delighted to be able to expand our capabilities by offering clients a Bermuda-based insurance solution.”

Valor — which has more than $6 billion in assets — holds insurance licences in Liechtenstein, Ireland, Barbados and Bermuda and the group completed an initial public offering in 2013, listing on The Royal Gazette/BSX.

You must be Registered or to post comment or to vote.

Published April 23, 2015 at 6:22 pm (Updated April 23, 2015 at 6:22 pm)

BF&M sells off international unit

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon