BF&M posts H1 net loss of $12m
BF&M has reported a shareholders’ net loss of $12.3 million for the six months ended 30 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.
The BF&M Group consists of three main insurance operating companies: BF&M General Insurance, BF&M Life Insurance, and Bermuda Island Heritage Insurance.
BF&M Group chairman and chief executive officer John Wight said: “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.”
He 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.”
Gross written premium for the first-half year 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.