Lt. Col. Michael Darling To Retire As BF &M Chairman

Col. Darling said that he had reached the age where he was reducing his business activities and responsibilities and he considered that the time was ideal for him to step down as BF&M's Chairman. He said that the Company wished to avail itself of an unusual opportunity that had arisen. "Glenn Titterton gave notice several years ago that he intended to retire as President & Chief Executive Officer on 31st December 2004 upon reaching the age of sixty. A successful succession plan was implemented and the Board has absolute confidence in the new Executive team, lead by CEO designate John Wight, currently Executive Vice President & Chief Financial Officer. However, the Board considered that it would be a terrible waste to lose entirely Mr. Titterton's drive and extensive experience in the insurance market along with the many personal global contacts that he had built up over so many years. This gave me the chance I was looking for to retire and, with the agreement of the Board, to offer the non-executive position of Chairman to Mr. Titterton. Those of us who are somewhat over 60 considered that this was much too young an age for Mr. Titterton to leave BF&M altogether. We all consider the chance for him to assume the position of Chairman, an opportunity not to be missed."

The Board of Directors, at their meeting on 9th September 2004 unanimously elected Glenn M. Titterton, A.C.I.I., Chartered Insurer to the position of Chairman effective from 1st January 2005.

Mr. Titterton explained that he had no reason to initially consider this position although he had been asked to remain as a Director. "Once the subject had been raised by the Chairman, and directors indicated their support, I realized that my great confidence in BF&M and my enthusiasm to play some role in the Group's future success, was as strong as ever. I therefore accepted the position of non-executive chairman. I look forward to supporting John Wight, who will be CEO at that time, as well as his executive team and to doing whatever I can to assist BF&M. I also welcome the opportunity to work with my fellow directors in guiding the Group on behalf of the shareholders and to ensuring that BF&M complies with best practice in corporate governance."

Mr. Titterton took the opportunity to thank Lt. Col. Darling for his "firm hand on the tiller" during his six and a half years as Chairman of BF&M Limited. Mr. Titterton said that Lt. Col. Darling was not only a businessman with experience on a number of different boards but he was also very much a gentleman, who had earned the respect and loyalty of all who worked with him at BF&M and elsewhere. "I have learned a great deal from Col. Darling over the years and I hope I shall be successful in bringing the same dignity and integrity to the office of Chairman."