BF&M Ltd has sold its majority stake in the Insurance Corporation of Barbados Ltd.

Paynes Bay Finance bought the 51 per cent share of the Barbadian insurer. Terms of the deal were not disclosed.

BF&M bought the majority stake in 2005 for almost $26 million.

John Wight, BF&M’s chairman and chief executive officer, told The Royal Gazette: “It’s been an excellent investment that had run its course over the past 15 years.

“We feel the capital could be better utilised pursuing other opportunities in other jurisdictions that we’re more comfortable with.”

Asked where the money might be put to work, Mr Wight said: “We tend to do more business in the northern Caribbean than in the south.

“Cayman is a perfect location for us, with a growing economy and growing population, and one in which we are continuing to expand in more lines of business through our Island Heritage brand.”

He added that BF&M’s 51 per cent ownership share had sometimes made ICBL company decisions difficult.

In a statement, Mr Wight said: “The BF&M Group has decided that by moving forward with our remaining wholly-owned, cross-jurisdictional subsidiaries, we are better positioned to execute on our long-term strategy.

“With ICBL’s management and staff, and PBF as the new majority shareholder, the company is in great hands. We wish the very best to all at ICBL.”

Joe Poulin, chairman of PBF, his personal investment vehicle, said: “ICBL is a household name in Barbados, and I am honoured and privileged to join the family. I am particularly happy to bring ICBL’s ownership home from Bermuda to Barbados.

“ICBL will continue its commitment to customer experience, which has been important to me at every company where I have been involved. Barbados is well poised to survive the current challenges associated with the worldwide pandemic, and we at ICBL will be beside Bajans every step of the way, with products and services the people of Barbados have come to rely on.”