BF&M Limited today reported a net shareholder loss of $12.3 million for the six months ended June 30, 2022. In comparison, he had $14.8 million in net shareholder income for the 2021 comparative period.
Net income from operations, which excludes negative fair value movements on investments, was $4.3 million, compared with $13.3 million in the first half of 2021.
Group Chairman and CEO John Wight said: Additionally, as pandemic restrictions eased, claims costs increased and underwriting results declined in claims, health insurance and annuity-related businesses, while reinsurance costs increased and property loss rates were modest. , which impacted the property and casualty insurance business. ”
The company added: General Fund assets totaled $1.1 billion, of which $112.9 million was held in cash and cash equivalents.
“Total premiums written increased 6% from the prior year to $181.2 million in the quarter driven by higher property premiums and new business.
“Short-term casualty claims and adjustment expenses increased 12% to $7.8 million.
“Operating expenses increased 3% to $28.9 million in the period.
“BF&M Group consists of three major insurers and has the following AM Best Financial Ratings:
- BF&M Non-life insurance company A [Excellent] Bermuda
- BF&M Life Insurance Company A [Excellent] Bermuda
- Island Heritage Insurance Company Ltd. [Excellent] Cayman”
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