Insurer BF&M Limited announced earnings of $12.2 million for the six months ended June 30, resulting in an annualised return on shareholders’ equity of 12 percent.Shareholders’ net income for the comparative six month period of 2011 was $11.4 million.“We were pleased overall with the financial performance of the company, which included the results of Island Heritage Holdings Ltd., a leading Cayman based company that writes property and casualty insurance in the Caribbean through one of its subsidiary companies,” said President & CEO, John Wight. “BF&M’s recent 30 March, 2012 acquisition of Island Heritage further strengthened BF&M’s position as a strong regional insurer in the Caribbean, operating in thirteen countries, with three principal offices in Bermuda, Barbados, and Cayman.”Mr Wight added that “the company’s balance sheet continues to be very strong. Equity attributable to shareholders at 30 June, 2012 was $202.3 million. Assets, including segregated funds, totaled $1.5 billion of which $85.8 million was held in cash and short term deposits. Based on the company’s strong balance sheet, the Board of Directors maintained the dividend of 20c per share for shareholders of record at 28 September, 2012.”Earlier this week ratings firm AM Best reaffirmed the financial strength ratings of A (Excellent) for BF&M’s two principal operating subsidiaries in Bermuda; BF&M General Insurance Company Limited and BF&M Life Insurance Company Limited.BF&M’s two other principal operating businesses, Insurance Corporation of Barbados Limited, and Island Heritage Insurance Company Ltd., are both rated A- (Excellent) by A.M. Best.