10 December 2019News

BF&M pleased to be profitable despite Humberto and Dorian

BF&M generated net profit of $12.6 million for the nine months ended September 30, 2019.

The result was down on the $16.9 million it delivered to shareholders in the same nine month period of 2018, but was nonetheless pleasing in light of losses from hurricanes Humberto in Bermuda and Dorian in the Bahamas, said John Wight, group chairman and CEO at BF&M.

“Despite significant claims, our P&C businesses recorded a profit for the period,” said Wight. Profits were “largely driven by strong results from our group life and pensions businesses, supported by excellent investment performance from the equity and fixed income markets,” he added.