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Valor Group Ltd. acquires Bermuda International Insurance Services Limited from BF&M Limited
Hamilton, Bermuda – 23 April, 2015 — Valor Group Ltd. (“Valor Group”, Ticker: WAH.BH), a financial services company that owns Valorlife, a leading European life insurance products company, and BF&M Limited (“BF&M”, Ticker: BFM.BH), announced today that, having received approval from the Bermuda Monetary Authority, Valor Group has completed the acquisition of Bermuda International Insurance Services Limited (“Bermuda International”), the international life insurance unit of BF&M, via a merger with VL Assurance (Bermuda) Ltd., a wholly–owned subsidiary of Valor Group, with VL Assurance (Bermuda) Ltd. being the surviving company in the merger.
Bermuda International is a segregated accounts life insurance carrier offering Fixed Account Universal Life, Variable Account Universal Life, and Private Placement Life Insurance. Valor Group intends to continue the existing business lines of Bermuda International and to commit additional resources toward growing its book.
Incoming CEO, Louis Zuckerbraun, stated, “Valor is pleased to assume responsibility for continuing to provide top-tier service to Bermuda International’s policyholders and to make the transition from BF&M to Valor as seamless as possible for Bermuda International clients. Valor Group has made substantial investments in the international life insurance markets and is delighted to be able to expand our capabilities by offering clients a Bermuda-based insurance solution.”
John Wight, President & CEO of BF&M Limited, added “BF&M has decided to focus the company’s full attention on our core domestic insurance and investment advisory businesses in Bermuda and the Caribbean. We are pleased to have transitioned the business to Valor and we look forward to working with Louis and his team during this period to ensure that Bermuda International’s clients continue to receive the highest levels of service.”
ENDS
BACKGROUND
About Valor Group Ltd.
Valor Group, Ltd. was established in 2013 to acquire Wealth-Assurance AG and subsequently Valorlife (together “Valorlife”). Valorlife is a European-centric life insurance carrier focused on the sale of life insurance and unit-linked insurance. The group has over $6.0 billion in assets, over 5,000 policyholders and holds insurance licenses in Liechtenstein, Ireland, Barbados, and Bermuda. Valor Group completed an initial public offering in 2013, listing on the Bermuda Stock Exchange.
For further information contact:-
Louis D. Zuckerbraun, CPCU, ARe, Chief Executive Officer
Valor Management Ltd.
Phone 441 405 2200; Cell 441 599 0199; e-mail lzuckerbraun@vl-management.com
About BF&M Limited
BF&M Limited is the holding company of the BF&M Insurance Group. Through operating subsidiaries BF&M General Insurance Company Limited, Island Heritage Insurance Company Ltd., BF&M Life Insurance Company Limited, and the Insurance Corporation of Barbados Limited, it conducts insurance business in Bermuda and 14 islands in the Caribbean. The group includes several other companies including Bermuda International Reinsurance Services Limited and BF&M Investment Services Limited. BF&M Limited is listed on the Bermuda Stock Exchange.