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BF&M Limited Advises of Option Exercise & Call
Hamilton, Bermuda: January 4, 2005 - BF&M Limited (BFM.BH) has advised the Bermuda Stock Exchange (BSX) that pursuant to Section 4 of the 1999 Agreement between BF&M Limited and The Bermuda Fire & Marine Insurance Company Limited (in liquidation), The Bermuda Fire & Marine Insurance Company Limited has exercised their option to subscribe for 275,000 common shares of BF&M Limited.
BF&M Limited has also advised that pursuant to Section 6 of the Agreement BF&M Limited has served notice on The Bermuda Fire & Marine Insurance Company Limited that these shares will be called.