Insurer and investment company BF&M yesterday announced its profits for the first nine months of the year fell by 29 percent as the value of its investments plunged by almost $15 million.

The Bermuda-based group recorded profits of $15.4 million through September 30 this year, compared to $21.6 million during the same nine-month period last year.

The company adopted new accounting rules last year, which mean a decline in the fair value of investments is recorded in the earnings statement. BF&M warned that this would lead to increased volatility in earnings.

Chief executive officer John Wight said the results “were adversely affected by the depressed investment markets”.

* Full story in tomorrow's Royal Gazette.