Allshores’ health insurance division showed signs of improvement in the first half of 2025, with the net loss ratio dropping to 89 per cent from 94 per cent a year earlier. The better result was supported by targeted premium adjustments, according to the company’s half-year financial update.

Even so, health claims continue to rise in both frequency and severity. Higher costs are being driven by expensive oncology and neonatal cases, as well as more overseas referrals for treatment that would previously have been handled on-island. Reinsurance remains “a critical tool” to cap exposure to large claims and smooth out volatility, the company said.

The integration of the legacy books of BF&M and Argus has also given the group greater purchasing power, helping it to negotiate more effectively with providers. Since June 1, overseas care management for both books has been consolidated under One Team Health, a subsidiary of the group.

Property and casualty business also performed strongly, with the net loss ratio falling to 35 per cent from 54 per cent in the same period last year. The group said the renewal of its reinsurance programmes on April 1, on a combined basis, created cost savings and broader diversification across markets.

Locally, underwriting performance improved modestly, with greater scale helping to reduce acquisition costs. However, the company warned that the second half of the year would bring higher risk from hurricane-related claims.

Following the January 2025 combination, the insurer said it was focused on ensuring a smooth transition and setting up governance and work streams. It has now moved into the delivery stage.

A key milestone in the first half of the year was consolidating overseas healthcare case-handling into its in-house subsidiary, One Team Health.

As part of that effort, Allshores removed co-pays for preventive services and introduced new population health and care management programmes for former BF&M customers.

Further integration is expected to deliver “harmonised products, benefits and services” across the group’s health, pensions, wealth and property and casualty businesses. To accommodate the larger organisation, the company will relocate its head office from Pitts Bay Road to the former Argus headquarters on Wesley Street.

Shareholders in May approved the new group name, Allshores Ltd. The rebrand will be phased in during 2026 with a new website and customer materials, while BF&M and Argus branding will continue to appear in the meantime.

The group has also maintained a strong focus on community sponsorship, backing events such as the Bermuda Day Marathon and the upcoming BF&M Breast Cancer Awareness Walk, as well as supporting about 50 charities.

Looking ahead, Allshores said it remained well-protected by its reinsurance programme despite the risk of late-season storms.

Rising healthcare costs remain a challenge, particularly speciality drugs and overseas hospital care. To help manage costs, the company has expanded its use of overseas preferred provider networks and introduced a travel concierge service for policyholders.

“The combination of targeted initiatives and strong underwriting discipline underpins our ability to navigate the ongoing inflationary environment”, the company said.

The board has declared a second-quarter dividend of $0.28 per share, payable on October 14 to shareholders of record as of October 7. It has also agreed to restart the company’s share buyback programme, with further details to be issued on the Bermuda Stock Exchange.