Bermuda insurer BF&M Ltd. is branching out farther into the Caribbean.

Yesterday, the company’s chief executive officer John Wight said BF&M Life Insurance Company had struck a deal with LIV Insurance Brokers and Agents of the Bahamas.

The agreement will enable BF&M to sell its life, health and retirement products, using LIV as its managing general agent, as it looks to further its expansion beyond Bermuda’s limited market.

“Bermuda will always be the main focus of BF&M,” Mr. Wight told The Royal Gazette yesterday. “But the Island has a population of 64,000 people and in order for the company to continue to be profitable year after year, we have to look at other jurisdictions as part of our longer-term plans.”

LIV was incorporated in 2005 to distribute life and general insurance products throughout the Bahamas.

For BF&M, the agreement marks a continuing expansion of its Caribbean network, following the purchase of a a 51.7 percent share of the Insurance Corporation of Barbados in 2005.

Last year, BF&M also established Bermuda International Insurance Services Ltd., created to sell insurance products around the world, targeting wealthy individuals. The company has already started to sell to high net-worth clients in the Far East and South America, Mr. Wight said.

“We are delighted to be expanding into the Bahamas marketplace through LIV, who have a strong team and a board of directors who collectively have 100 years of insurance expertise in the Bahamas, the Caribbean region and the North American marketplace,” Mr. Wight stated in a press release yesterday.

“We look forward to working with our partners at LIV and assisting them in providing products and services to their customers to expand their business.”