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BF&M Limited Announces Acquisition of Island Heritage
Hamilton, Bermuda – 03 April, 2012 – BF&M Limited (Ticker: BFM.BH) has announced that it had reached an agreement to acquire Island Heritage Holdings Ltd. and its subsidiaries, including Island Heritage Insurance Company Ltd. This transaction is subject to the approval of Regulators. Island Heritage is a profitable specialty property and casualty insurer, headquartered in Cayman with insurance operations in several Caribbean islands.
President & CEO John Wight stated that “We are proud to be announcing the acquisition of a market leader in the Caribbean. It is BF&M’s strategy to enhance our footprint in the Caribbean region. The acquisition by BF&M of Island Heritage is part of the company’s strategic goal of becoming a major insurer in the Caribbean region. Island Heritage has a talented team of experienced insurance professionals, and we look forward to working collaboratively with them to enhance their product and service offerings.”
BF&M comprises many companies with operations dating back over 100 years. Its two principal operating companies BF&M “General” and BF&M “Life” are rated “A” Excellent by rating agency AM Best. There is no domestic insurer in Bermuda or the Caribbean with a stronger rating.
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 Bermuda International Insurance Services Limited, Bermuda International Reinsurance Services Limited, Marchmont Insurance Company Limited, BF&M Investment Services Limited, BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited), Hamilton Financial Limited, and a 51.7% interest in the Insurance Corporation of Barbados Limited.
For further information contact:-
R. John Wight C.A, CPCU, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail jwight@bfm.bm