John Wight has overseen a near tripling of profits at BF&M Ltd. in the space of three years but the chief executive officer is keen to pass on the credit to his staff.

Last week, the company announced record annual net income of $27.3 million for 2007. Mr. Wight, 49, took over the reins on January 1, 2005, following a year in which BF&M made a $9.9 million full-year profit

Expansion, particularly into the Caribbean, has helped the insurer to achieve hefty increases in revenue and profits year on year to the point where 2007 profits were up 275 percent on 2004's

"In some respects, I'm the least important person at the company, because I don't see any customers," Mr. Wight said, speaking in his fourth-floor office with a view of Hamilton harbour. "My role is to support the staff to ensure they give the best possible service to customers.

"When I took over as CEO, I saw some potential for growth of our earnings in the short term and that has been borne out by our results. I also wanted every staff member in our team to feel valued.

"I believe that if a company looks after its employees, its employees will look after its customers and they will look after the shareholders.

"He said a strong training programme giving staff opportunities to progress at work and make the most of their employment was one way of keeping the 145 employees at the Bermuda headquarters happy.

"You also have to listen to what the staff say," Mr. Wight added. "That's why I hold meetings with the entire company every quarter and everyone can raise the issues that are important to them. Of course, unless you respond to those concerns, it's all for nought.

"He said BF&M's achievements in recent years had been a team effort with a strong board of directors and management team also playing their pa

Mr. Wight is a chartered accountant who started out in Canada working for Ernst & Young. He moved to Bermuda in 1984 to take a job with Cooper's and Lybrand and later worked as controller for the Bermuda Hospitals Board, experience that has proved invaluable, now he works for a major health insurance provider. He joined BF&M as controller and climbed the ranks until he took the top job just over three years ago.

Since then the company has built on its health, life, motor and property insurance business in Bermuda, as well as its pension administration work and its asset management.

A population of 64,000 means the Bermuda market is limited, so BF&M expanded beyond the Island's borders. In 2005, the company bought a 51.7-percent in the Insurance Corporation of Barbados, that island's major property and casualty insurer. In 2006, the group created Bermuda International Insurance Services Ltd., which sells life insurance products targeted at wealthy individuals based as far afield as the Far East and South America.

Last year, the company expanded its Caribbean reach by striking a deal with LIV Insurance Brokers and Agents, allowing BF&M to sell its life, retirement and health products in the Bahamas, using LIV as its managing general agent.

"Now we are looking for opportunities in niche markets and looking to improve *t(0,0," ")t-2the synergies between our growing list of companies," Mr. Wight said. "We're not on the expansion trail right now.

"The Bermuda business has grown, due to the increase in the Island's prosperity over the last few years. There have been no hurricanes since Fabian in 2003 and that has benefited the company. We learned lessons from Fabian, such as the nature of the risks of properties on the South Shore and our exposure."

In 2007, BF&M made profits in every line of business, something Mr. Wight put down to strong underwriting and favourable trends.

He said health insurance was a particularly volatile line. Profitability depended on factors such as the number of patients being flown overseas for treatment. Premature baby cases also had a major bearing on results one case could cost between $500,000 and $1 million, Mr. Wight added. BF&M supports efforts to encourage the population to eat healthily and exercise regularly and so cut down on visits to the doctor.

As for the future, Mr. Wight said: "I could see opportunities for us to raise profits in the first three years, but it will be much more challenging to grow earnings at similar rates going forward. "We have squeezed a lot of efficiencies out of the business, and while we do see great future potential, we can't expect to increase business by 30 or 40 percent like we did in 2005 and 2006. I think it'll be more like 10 to 15 percent."

BF&M shareholders have benefited tangibly from the rapid growth. In January, the company announced it would give shareholders a one-for-10 stock dividend an extra share for every 10 they own. In addition it raised its March cash dividend this year by 25 percent, from 16 cents a share to 20 cents.

"What we want to do is align the performance of the company with compensation paid out to shareholders," Mr. Wight said. "What we did with the stock split was a reflection of how well the company has done."

Doubtless some of the insurance giants around the corner from BF&M's Pitts Bay Road headquarters have noted Mr. Wight's successful stewardship of the company with more than passing interest. But right now, he's quite happy where he is.

"It's a labour of love, working here," Mr. Wight said. "I've had opportunities in the international business community, but this is rewarding for me, working with a terrific team of people.

"I get up in the morning and look forward to going to work. Not everyone can say that."