BF&M-Argus merger completed
The amalgamation deal between BF&M Ltd and Argus Group that creates a domestic insurance powerhouse is now official.
The transaction, which sees Argus amalgamate with Eleos Health Ltd, a wholly owned subsidiary of BF&M, was first announced in June.
The final obstacles in the way of a deal were removed at special general meetings of the two companies’ shareholders on December 23.
Today, BF&M announced that the deal has closed.
Abigail Clifford, group president and chief executive of BF&M, is to lead the combined company.
She said: “We are thrilled to unite our two companies following receipt of regulatory and shareholder approvals in December 2024.
“The amalgamation, first announced in June 2024, will combine the strengths and expertise of both companies. The enhanced scale of the combined entity will support strategic investment in best-in-class products and services, while helping to mitigate rapidly rising costs.
“Additionally, the combined company offers a strong financial and earnings profile and greater resources to invest in future growth.”
She added: “Our team is fully committed to ensuring continuity of high-quality service and care.
“In the short to medium term, from a customer perspective, Argus and BF&M will continue to operate separately. All existing policies and services will remain in place, and customers will continue to receive service from Argus and BF&M in the same way as before.
“We have an ambitious vision, and together we are well positioned to deliver even better outcomes for our customers and communities. With innovation, operational excellence and risk management at our core, we are committed to exceptional service and creating value for all.”
In accordance with the amalgamation transaction agreement, BF&M has today issued 0.251 BF&M shares for each Argus share held by Argus shareholders as at the close of business today.
Argus shares have today been delisted from the Bermuda Stock Exchange, and trading will resume in respect of BF&M’s issued share capital of 9,447,550 common shares of $1 each at 9am on Tuesday.
In due course, the enlarged company will be renamed.
Ms Clifford will be chief executive of the combined group and Peter Dunkerley, chief financial officer and deputy chief executive of Argus, will become chief financial officer.
Argus chief executive Alison Hill is not joining the combined company.
• For the full statement by BF&M, see Related Media
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