BF&M Limited has reported net income of $6.5 million for the three months to the end of March, which compares to a $2.2 million loss in the same quarter last year.

John Wight, group chairman and CEO, said: “Overall, we were pleased with the results. Q1 proved to be a solid start for 2021 in all lines of business, particularly the company’s group benefits business in Bermuda, where premium growth and loss experience were better than expected.

“An increase in interest rates adversely affecting the values of fixed-income securities was offset by strong equity markets. While Covid-19 poses challenges for many businesses and homeowners in the 16 territories where the BF&M Group operates, we continue to be encouraged by the resiliency of these economies as they begin to gradually reopen.”

Equity attributable to shareholders at the end of March was $298.3 million. General fund assets totalled $1.1 billion, of which $140.3 million was held in cash and cash equivalents.

Gross premiums written for the period increased from the prior year by 20 per cent to $86.2 million, driven by increased property and casualty premiums in the quarter, primarily from the Cayman Islands and The Bahamas.

Short term claims and adjustment expenses increased by 42 per cent to $4.2 million. Life and health policy benefits decreased by 71 per cent to $5.1 million.

Operating expenses increased by 7 per cent to $13.1 million for the period.

BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services.

BF&M Limited is the holding company of the BF&M group of companies, which consists of three main insurance operating companies, BF&M General Insurance Company Limited; BF&M Life Insurance Company; and Island Heritage Insurance Company Ltd.

The group also includes BF&M Investment Services Limited, and BF&M Properties Limited (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited).