Valor Acquire International Insurance From BF&M
Valor Group Ltd, a financial services company that owns Valorlife, a leading European life insurance products company, and BF&M Limited announced today [April 23] that, having received approval from the Bermuda Monetary Authority, Valor Group has completed the acquisition of Bermuda International Insurance Services Limited, 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.”
