AM Best Comments on Credit Ratings of BF&M Limited Following Strategic Review Announcement

AM Best has commented that the Credit Ratings of BF&M Limited (BF&M) and its insurance subsidiaries BF&M Life Insurance Company Limited (BF&M Life), BF&M General Insurance Company Limited (BF&M General) and Island Heritage Insurance Company, Ltd. (Island Heritage) (Cayman Islands) remain unchanged following BF&M’s announcement of a strategic review. All companies are domiciled in Hamilton, Bermuda, unless otherwise stated.

On June 29, 2022, BF&M announced that it has initiated “a review of strategic alternatives to maximize shareholder value, which may include the sale of the Company,” following discussions with its principal shareholder, which has a 37.4% ownership position. AM Best expects BF&M to continue in its normal course of business operations and its financial position to remain unaffected during this time.

AM Best will maintain a dialog with management during the strategic review process. Upon completion of the strategic review and any associated announcement, AM Best will evaluate the potential impact to BF&M’s rating fundamentals.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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