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BF&M Increases Share Interest In The Insurance Corporation Of Barbados Limited
Hamilton, Bermuda: 6th February 2006 - John Wight, President & CEO of BF&M Limited, today announced that pursuant to the terms of the 51% purchase by BF&M Limited in the Insurance Corporation of Barbados Limited ("ICBL") from the Government of Barbados effective 28th December, 2005, BF&M Limited made an offer to the remaining shareholders of ICBL to acquire their shares through a public offer pursuant to a take over circular. The bid period expired on 20th December, 2005. A total of 19,887,211 shares were purchased directly from the Government of Barbados, and an additional 273,960 shares were purchased from remaining shareholders giving BF&M Limited a 51.7% interest in ICBL. The purchase of these shares was made by BF&M Limited through Hamilton Financial Limited, a wholly owned subsidiary of BF&M based in St. Lucia.
This release follows the release dated 8th November, 2005 where BF&M Limited announced they had signed an agreement to acquire 19,887, 211 Common Shares or 51% of the shares in the Insurance Corporation of Barbados Limited ("ICBL") from the Government of Barbados.
ICBL's business dates back to 1978 when the government of Barbados established a wholly owned entity to provide insurance coverage to various government departments and the Barbadian public. ICBL was incorporated in 1994. An initial Public Offering was made in 2000 to expand the ownership of the company. At 31st December 2004, ICBL had assets of approximately Barbadian dollar $220,000,000 (US$110,000,000). The Company's registered office is located in St. Michael, Barbados. ICBL is a publicly traded company on the Barbados Stock Exchange.
BACKGROUND
BF&M Limited is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The group includes several other companies including North Atlantic Asset Management Limited, Marchmont Insurance Company Limited, Bermuda International Insurance Company Limited, Hamilton Financial Limited, and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr's Bay Properties Limited)
For further information contact:-
R. John Wight C.A., President & Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail jwight@bfm.bm