Bermuda and Caribbean insurer BF&M Group has ended 2018 with a net income attributable to shareholders of $20.2 million against two challenging catastrophe years, which CEO John Wight attributes to a robust reinsurance programme and sound capital management.
By contract, BF&M reported shareholders' net income in 2017 of $3.7 million, representing a 445.9 percent increase year-on-year.
“BF&M reported strong earnings for the year ended 31 December, 2018,” said president and CEO John Wight. “Our earnings were driven by the solid performance of both the life & health business and P&C operations, with continued support from income on non-insurance operations.”
Gross premiums written by BF&M amounted to $352.6 million in 2018, and increase of 7 percent year-on-year.
BF&M suggested that 2017 hurricanes continued to negatively impact commission income, but the impact was offset by additional reinsurance coverage and higher levels of proportional reinsurance ceded due to changes in its reinsurance programme and profit share reported on non property business.
Wight added: “Despite coming on the heels of the year that saw the most destructive storm activity ever seen by the Caribbean in 2017, we began 2018 in a strong financial position, thanks to our robust reinsurance programme and sound capital management. AM Best validated our strategy and balance sheet strength by once again affirming our ratings, the strongest held by a domestic insurance group in Bermuda and the Caribbean.”
BF&M Group’s two largest operating companies are BF&M Life Insurance Company, a provider of life, health and pensions products, and BF&M General Insurance Company, a general insurer providing property, casualty, motor and marine products.
BF&M, John Wight, Catastrophe, Reinsurance, Results, Bermuda, Caribbean