BF&M has reported a profit for the full year 2019, overcoming a challenging year for catastrophes and “significant legislative and regulatory upheaval.”
BF&M reported net income of $11.9 million for 2019. In 2018 it reported net income of $20.2 million.
Gross premiums written for the period increased 12 percent over the previous year to $331.7 million. Premium growth was driven by growth in property premiums in the Caribbean and higher annuity premium, the company said.
Group chairman and CEO John Wight said: “Our 2019 results are particularly pleasing given the challenges faced by our industry over the past twelve months. Not only did we weather two major storms affecting Bermuda and the Caribbean region, but we navigated through significant legislative and regulatory upheaval impacting our industry.”