BF&M Reports Shareholders $12.3M Net Loss
BF&M Limited today reported shareholders’ net loss of $12.3 million for the six months ended 30th June 2022, as compared to the shareholders’ net income for the comparative period in 2021 of $14.8 million.
Net income from operations after excluding the negative fair value movements in investments was $4.3 million versus $13.3 million in the first six months of 2021.
Group Chairman and CEO John Wight stated: “A large driver of our second quarter losses was the negative impact of fair value losses on the Company’s investments. In addition, as pandemic restrictions eased, we experienced higher claims costs and lower underwriting results in our Life, Health and Pensions-related businesses, while higher reinsurance costs and a slightly increased incidence of property losses impacted our P&C business.”
Mr. Wight added: “Our capital base and financial strength ratings are market-leading and we stand ready to serve our customers should they need us this hurricane season.”
The company added, “Equity attributable to shareholders at 30 June 2022, was $297.2 million. General fund assets totaled $1.1 billion, of which $112.9 million was held in cash and cash equivalents.
“Gross premiums written for the period increased by 6% from the prior year to $181.2 million, driven by increased property premiums and new business.
“Short term P&C claims and adjustment expenses increased by 12% to $7.8 million.
“Operating expenses increased by 3% to $28.9 million for the period.
“The BF&M Group consists of three main insurance operating companies, with the following A.M. Best financial strength ratings:
- BF&M General Insurance Company Limited A [Excellent] Bermuda
- BF&M Life Insurance Company Limited A [Excellent] Bermuda
- Island Heritage Insurance Company Ltd. A [Excellent] Cayman”
