23 June 2020News

BF&M reports Q1 net loss

BF&M made a net loss in Q1 2020, blaming market volatility for the turnaround.

BF&M made a net loss of $2.2 million in Q1 2020, having made a profit of $4.8 million in Q1 2019.

Gross premiums written for the period decreased from the prior year by 15 percent to $71.9 million. BF&M said the decline was driven by an expected shift of health premiums between the company and the amounts allocated to the Bermuda Government, as part of Bermuda’s health financing reforms, along with lower property and casualty premiums.

BF&M said Q1 financial results had been undermined by the fair value net loss of $7.3 million on investments of $622 million. John Wight, group chairman and CEO, said BF&M had since made much of this loss back.

“Excluding the fair value loss at 31st March, the shareholders’ net income from insurance operations and investment advisory services was $5.1 million, slightly better than expected,” said Wright.

The board of directors approved a 24 cent per share dividend to shareholders of record at June 30, 2020.




More on this story

News
8 April 2020   BF&M has pledged $20,000 to Bermuda’s COVID response efforts.
News
23 September 2021   Bermuda and the Caribbean region insurer’s “strict underwriting” and move to remote operations protects it from Covid fallout.
article
20 October 2021   COO Abigail Clifford to take helm, but no date for transition.

More on this story

News
8 April 2020   BF&M has pledged $20,000 to Bermuda’s COVID response efforts.
News
23 September 2021   Bermuda and the Caribbean region insurer’s “strict underwriting” and move to remote operations protects it from Covid fallout.
article
20 October 2021   COO Abigail Clifford to take helm, but no date for transition.