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BF&M Limited (“BF&M”) Concludes Strategic Review

27 January 2023

Hamilton, Bermuda: 27th, January 2023 - In a filing with the Bermuda Stock Exchange (the “Exchange”), BF&M Limited (the "Company"; Ticker: BFM.BH) has announced that its Board of Directors (the “Board”) concluded its previously announced review of strategic alternatives (the “Strategic Review”).

The full filing stated:

           

BF&M Concludes Strategic Review

 

Hamilton, Bermuda, 7 December 2022 – BF&M Limited (“BF&M”, “the BF&M Group” or “the Company”) today announced that its Board of Directors (the “Board”) concluded its previously announced review of strategic alternatives (the “Strategic Review”). After a comprehensive process with the assistance of Desjardins Capital Markets, the Board has determined that continuing to execute its strategic plan on a standalone basis is in the best interest of all shareholders.

 

Anthony Joaquin, Acting Chairman of the Board, said, “During our review, the Board assessed a comprehensive range of potential outcomes. Ultimately, this process reinforced our confidence that BF&M has the right strategic plan already in place to maximize value for shareholders. With this evaluation concluded, the Board is fully committed to supporting Abigail and the rest of the Company’s leadership team as they continue to execute this plan.”

 

Abigail Clifford, Chief Executive Officer, said, “BF&M is entering 2023 with a strong capital position and foundation for growth, including the highest AM Best financial strength rating of any domestic insurers operating in Bermuda and the Caribbean. We remain focused on taking decisive steps to create value for shareholders, while providing best-in-class support to our clients as they navigate a challenging economic environment and positioning BF&M as an employer of choice.”

 

ENDS

 

BACKGROUND

 

BF&M Limited is the holding company of the BF&M group of companies (“BF&M Group”). The two largest operating companies within the BF&M 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 BF&M Group includes several other companies including BF&M Investment Services Limited, BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited), and Island Heritage Insurance Company, Ltd.

 

For further information contact:

 

Jennifer Brown

Head of Marketing and Communications

Phone +1 441 298 0348

Email jennifer.brown@bfm.bm

 

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