BF&M Ltd. reported record net earnings of $27.3 million for 2007, up 15 percent on 2006's earnings of $23.9 million.

The insurer also announced yesterday that Glenn Titterton is to step down as chairman after a 47-year association with the company.

The full-year 2007 results also represented a 21.8-percent return on equity for shareholders.

Other financial highlights for last year included gross premiums written up 10 percent to $195 million, investment income rising 25 percent to $20 million, commissions and other income increasing by 35 percent to $23 million, earnings per share of $3.33, up from $3.30, total company assets up 12 percent to $644 million, and shareholders equity up 27 percent to $140 million

John Wight, president and CEO said: "We were very pleased with our results for 2007 as all insurance and non-insurance lines of business recorded excellent results. "It was the combined efforts and teamwork of management and staff at BF&M that generated these results in 2007.

"The diversification of BF&M into other countries in lines of business that we have expertise in has opened up new avenues for profitability in future years.

"Bermuda will always be our main focus, however expansion outside Bermuda into Barbados in 2005, and other Caribbean countries and Latin America in 2007 will enhance long-term shareholder value."

Mr. Titterton, 63, who served as the insurer's chief executive officer from 1991 to the end of 2004, will retire from the board of directors, as well as chairman.

BF&M announced yesterday that Mr. Titterton would step down at the company's annual general meeting on April 22.

Mr. Titterton first worked for the company as a summer student in 1961 and took a job there after graduating from Saltus Grammar School.

He climbed through the ranks, serving as manager of domestic operations and then senior vice-president, before becoming CEO.