BF&M Limited has reported a shareholders’ net loss of $12.3 million for the six months ended June 30, compared with the shareholders’ net income for the same period in 2021 of $14.8 million.

Net income from operations, after excluding the negative fair value movements in investments, was $4.3 million versus $13.3 million in the first six months of 2021.

Group chairman and CEO John Wight stated: “A large driver of our second quarter losses was the negative impact of fair value losses on the company’s investments.

“In addition, as pandemic restrictions eased, we experienced higher claims costs and lower underwriting results in our life, health and pensions-related businesses, while higher reinsurance costs and a slightly increased incidence of property losses impacted our P&C business.”

Mr Wight added: “Our capital base and financial strength ratings are market-leading and we stand ready to serve our customers should they need us this hurricane season.”

Equity attributable to shareholders at 30 June 2022, was $297.2 million. General fund assets totalled $1.1 billion, of which $112.9 million was held in cash and cash equivalents.

Gross premiums written for the period increased by six per cent from the prior year to $181.2 million, driven by increased property premiums and new business.

Short term P&C claims and adjustment expenses increased by 12 per cent to $7.8 million.

Operating expenses increased by three per cent to $28.9 million for the period.