Domestic insurer BF&M Limited has reported shareholders’ net income of $19.5 million for the nine months ended September 30, up from the $18.4 million for the comparative period in 2020.

The company said earnings for the 2021 period equated to an annualised return on equity of 8.5 per cent, which is level with 2020.

Group chairman and CEO John Wight said: “The BF&M Group has achieved strong results for the nine months ended 30 September 2021. Both our p&c and group benefits businesses performed well, as reflected in the increase in premiums earned and commission income.”

Mr Wight added: “The absence of significant storm activity in Bermuda and the Caribbean further supported improved underwriting results.”

Equity attributable to shareholders at September 30 was $308.4 million. General fund assets totalled $1.2 billion, of which $109.6 million was held in cash and cash equivalents.

Gross premiums written for the period increased 23 per cent from the previous year to $285.6 million, driven by increased property and group health premiums and new business.

Short-term claims and adjustment expenses increased 51 per cent to $11.9 million. Life and health policy benefits decreased 27 per cent to $55.6 million.

Operating expenses increased 3 per cent to $41.1 million for the period.