Freisenbruch-Meyer To Cease Health Insurance

June 18, 2013

Local insurance company Freisenbruch-Meyer will cease offering individual and group health insurance, citing challenges that “are uniquely specific to healthcare.”

A statement from the Company said, “Freisenbruch-Meyer Insurance Services, Ltd. [FMIS] regrets to announce that due to what is undoubtedly the most challenging health insurance renewal period in recent history, individual and group health insurance will no longer be offered through the company.

“These challenges are uniquely specific to healthcare and exiting the health business will not affect any other product class offered by FMIS.

“To ensure that current health clients are not subjected to a complete lapse in coverage or in the main, an untenable price increase, FMIS has negotiated a cooperative venture with BF&M to replace their existing overseas health insurance partner with one of Bermuda’s leading medical insurers.

“BF&M has agreed to assist with the transition of groups and individuals to ensure the handover is as seamless as possible. The changes to benefits and price will be effective July 16, 2013.”

Executive Vice President and General Manager, William Madeiros, said, “When initially faced with the uncertainly of sustaining our health book, our first priority was ensuring the ongoing care and well-being of our clients.”

James Leman, Vice President Employee Benefits, said, “We have been working tirelessly to develop the best possible option for our clients, which is to facilitate the continuation of their health coverage and that is something we are pleased to report. We were also able to safeguard employment positions for our full time employees.”

FMIS health department is available to facilitate the transition process or answer any questions at 296-3600.

Share via email

Read More About

Category: All, Business, News

Comments (5)

Trackback URL | Comments RSS Feed

  1. Truth is killin' me... says:

    Local insurance company Freisenbruch-Meyer will cease offering individual and group health insurance, citing challenges that “are uniquely specific to healthcare.”

    In layman’s terms they’re not making money off of this!

  2. Larry Lindo says:

    I recon FMG made quite a bit in one year and so did the chamber with lot of new members.

    The public should cancel all other policies with FMG and Meyer Travel etc.
    Bankrupt them. It was a … for the beginning.

  3. Nicole says:

    After reading this article, I’m concerned because if FMIS can make this decision, other local insurance companies may follow suit. Bermuda’s health care system is definitely unsustainable. Bermuda is becoming a very frightening place to survive.

  4. media says:

    As someone that had FM health insurance I am shocked and disappointed to wake up to this news. I am also bothered that I see no apology from FM that for this decision. I expected better from them.

  5. Steve says:

    Someone wants to investigate this…legally wise…