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BF&M and International Reinsurance Managers, LLC Announce Agreement
Hamilton, Bermuda; April 3, 2007 - John Wight, President & CEO of BF&M Limited, today announced that BF&M Life Insurance Company Limited and Bermuda International Reinsurance Services Limited had entered into an agreement with International Reinsurance Managers, LLC ("IRM") to underwrite, market, and administer health, life, and personal accident reinsurance business in the Caribbean and Latin American reinsurance markets. "We are delighted to be expanding into the Latin American and Caribbean regions through IRM who have a proven track record of profitability. This announcement follows others in the past couple of years relating to BF&M's expansion into selected territories in businesses that we have expertise in. In 2005, BF&M acquired 51.7% of the Insurance Corporation of Barbados and in 2006 Bermuda International Insurance Services Limited was launched to market and distribute life insurance products to high-net worth individuals globally. Earlier in 2007 BF&M partnered with LIV Insurance Brokers and Agents Ltd. who are acting as Managing General Agents for BF&M in the distribution of life, health, and retirement products in the Bahamas."
BF&M Life Insurance Company Limited is a leading provider of individual and group life, health, and retirement products. Bermuda International Reinsurance Services Limited was incorporated on 25th September 2006 as a 100% owned subsidiary of BF&M Limited to write life and health reinsurance. Responsibility for the day to day running of both of these companies has been assumed by Mrs. Lynne Woolridge, a Bermudian who has joined BF&M after over 20 years of employment with Swiss Re Life & Health in Canada, most recently as Vice President, Sales, for the Bermuda, Bahamas, and Caribbean regions.
IRM, a leading reinsurance management company, underwrites and manages life and health reinsurance operations in 27 countries in Latin America and the Caribbean.
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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, Bermuda International Insurance Services Limited, Marchmont Insurance Company 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