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BF&M’s first-quarter profit climbs to $4.8m

John Wight, chairman and CEO of BF&M

Insurer BF&M Ltd posted a $4.8 million profit for the first quarter of 2019, up from $3.1 million in the corresponding period last year.

John Wight, the company’s group chairman and chief executive officer, said: “BF&M reported good results for the first quarter of 2019. Our earnings were driven by the strong performance of both the property and casualty operations and our life and health business. This, combined with solid investment results, helped to offset higher overall loss experience in the quarter.”

BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services.

Three of the group’s four main operating companies — BF&M General Insurance Company Ltd, BF&M Life Insurance Company Ltd and Caymanian-based Island Heritage Insurance Company Ltd — are rated A by ratings agency AM Best, while the Insurance Corporation of Barbados Ltd is rated A-.

Mr Wight added: “BF&M continues to hold the highest ratings attributed to domestic insurers in Bermuda or the Caribbean. This reflects our ability to be there for our customers when they need us — a message that is all the more meaningful at the start of the 2019 hurricane season.”

Equity attributable to shareholders at March 31 this year was $279.5 million.

BF&M said general fund assets totalled $1.2 billion of which $140.8 million was held in cash and cash equivalents.

Gross premiums written for the period were $98 million, driven by growth in home insurance business experienced in several islands in the Caribbean.

With increased premiums written, the company also benefited from increased commissions on business ceded to the reinsurance market.

Commission and other income increased from the prior year by 6 per cent to $13.7 million.

Shares of BF&M closed at $17.05 on the BSX yesterday, giving the company a market valuation of about $150.5 million. The stock is up 5.2 per cent this year to date.