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.