AM Best affirms “A” financial strength rating of BF&M Group rated companies

Hamilton, Bermuda: 5^th October, 2022- In a filing with the Bermuda Stock Exchange (“BSX”), BF&M Limited (the "Company"; Ticker: BFM.BH) today reported that A.M. Best affirms credit ratings of BF&M Limited and its subsidiaries. The full filing stated:

AM Best has affirmed the financial strength rating of A (Excellent) of BF&M Life Insurance Company (BF&M Life), BF&M General Insurance Company (BF&M General) and Island Heritage Insurance Company, Ltd. (Island Heritage). The outlook of each of these credit ratings is stable.

In its assessment of the BF&M Group, AM Best noted balance sheet strength which was assessed as “strongest”, a continued focus on profitable growth, solid market share, more than adequate levels of capitalization, and strength in diversification of business through Island Heritage’s operations in the Caribbean. Also highlighted by the ratings agency was a prioritisation on maintaining significant catastrophe reinsurance protection despite the hardening market.

Abigail Clifford, Group President and Chief Executive Officer of BF&M Limited, said: “This endorsement by AM Best reinforces our position as a market leader in the jurisdictions where we operate. These are the highest ratings given to domestic insurers operating in Bermuda and the Caribbean, and I’m incredibly proud of the performance and dedication of our team during these particularly challenging times.”

# # # #

About the BSX

The Bermuda Stock Exchange (the BSX) is the global leading exchange for the listing of insurance linked securities (ILS) and specialises in listing services for ILS, debt, funds, derivative warrants, equities and structured securities. With over 1,300 securities listed, the BSX is uniquely positioned between Europe and the Americas to deliver speed to market for international issuers. Part of the MIAX Exchange Group, the BSX facilitates electronic trading and settlement and operates the Bermuda Securities Depositary platform.  Established in 1971, the BSX is a member of the World Federation of Exchanges, an associate member of IOSCO, holds Designated Offshore Securities Market (DOSM) status from the US SEC and is a recognised exchange in the UK, Ireland, Canada and Australia for tax purposes. To learn more about the BSX visit https://www.bsx.comand or contact info@bsx.com