BF&M Ltd has acquired Bermuda-based insurance agency Kitson Insurance Services Ltd.

Kitson has been in business since 1947 and BF&M has said it will keep on two of the agency’s leading staff on a full-time basis.

The terms of the deal were not disclosed in this morning’s joint statement from the companies.

BF&M chief executive officer John Wight said: “BF&M is pleased to assume responsibility for continuing to provide top-tier service to Kitson’s policyholders and to make the transition from Kitson to BF&M seamless for Kitson’s clients.

“To ensure this seamless transition, we are pleased to inform Kitson’s policyholders that James King and Shannon Bean have joined BF&M and will continue to service the Kitson business.”

Kitson Insurance Services Ltd was one of the Kitson Group companies, which also include real estate firm Kiston & Co Ltd, insurance broker Kitson Brokerage Services Ltd and the Rosedon Hotel.

In a statement, Scott Kitson, speaking on behalf of the Kitson Group of Companies, said: “While it was an emotionally challenging decision for our family to sell the business after almost 70 years, we are comfortable that this is the right move for our clients and our business partners.

“We intentionally sought out the strongest insurance team on island to take over our operations and are pleased to have transitioned the business to BF&M.

“We look forward to working with John and his team during this period to ensure that Kitson’s clients continue to receive the highest levels of service.”

Of the two staff to be retained by BF&M, Mr King is Kitson’s vice-president of insurance operations and has been with the firm since 1989. Before that, he spent 15 years working in the international shipping industry.

Ms Bean, assistant vice-president of insurance operations, has been serving as customer service administrator for the Personal and Commercial Lines and Reinsurance departments, according to the Kiston website.

Kitson Insurance Services is the managing general agency for American Home Assurance Company and some underwriters in the Lloyd’s of London market.

It provides a wide range of commercial and residential insurance coverage, from home and vehicle insurance to professional liability and cargo insurance.