BF&M, the holding company of the BF&M Insurance Group, has announced that its net income for 2016 was badly hit by the hurricanes that hit the region over the year, but that it still made a profit.
The company said that net operating income for 2016 came to $14.4 million, down on the $23.9 million it made the previous year.
Gross premiums written for the period were $347.8 million, an increase of 3 percent from those written in 2015.
The company added that commission and other income declined from the prior year by 13 percent to $41 million due to the impact of 2016 hurricanes on reinsurance profit commissions.
President and CEO John Wight said: “2016 was a year of many achievements for BF&M despite being a year marked by significant loss events. The financial impact of Hurricane Matthew in the Bahamas and Hurricane Nicole in Bermuda amounted to $10.1 million. BF&M’s results were particularly pleasing given that 2016 was the most active hurricane season that the Group has ever seen collectively.
“Our performance in 2016 is a testament to the Group’s consistent strategy of diversification, both geographically and by line of business, and of careful preparation. We are in the business of paying claims and we plan for years like this.”
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BF&M Insurance Group, Report, Hurricane, Results 2016, Bermuda