BF&M and Argus

 

BF&M and Argus have completed their amalgamation, establishing a new multi-line, Bermuda-headquartered insurer with the talent, products, and resources to navigate the rapidly evolving insurance landscape.
 
Both organisations bring complementary strengths that will enable us to better address our customers’ toughest challenges, accelerate our growth strategy, deliver stronger returns to our shareholders, and improve economic outcomes for the island and international communities we serve.
 
Furthermore, we are incredibly proud of our shared Bermudian roots and together we are well positioned to continue supporting local talent development in Bermuda and our other locations.

We believe that we can be better together. Read the full press release here.

 

Frequently asked questions

Why has BF&M combined with Argus?

• This combination of two proud Bermuda-based insurers creates a new Bermudian insurer with the talent, expertise, and resources to succeed in a rapidly evolving insurance landscape. Together, we expect to:
  • Meaningfully accelerate our strategic progress, and support ongoing investment in best-in-class products and services;
  • Leverage our combined strength and buying power to address local market challenges such as rapidly rising healthcare costs;
  • Continue supporting local talent development in Bermuda and our other locations.

Are you now operating as one company?

• While we have combined under one company, we will operate as separate providers under our legacy brand names until we complete the integration process.
• Once this has been completed, the company will be rebranded with a new name to reflect the unified nature of our offerings.

Will the combined company have a new name?

• The combined company will be renamed in due course, with the new name to be determined.

How will my current policy with BF&M or Argus be impacted?

• For now, there are no changes to your policy or services. We are committed to ensuring uninterrupted policy coverage and service for our customers.
• Your current policies with either BF&M or Argus will remain in force, and you will continue to receive service the same way you always have.
• As we progress through this transition towards operating as one company, you can expect to receive updated from us.

What if I have policies with both companies?

• Your current policies with either BF&M or Argus will remain in force, and you will continue to receive service the same way you always have.

How will the companies’ day-to-day operations be affected by the close?

• Continuity of customer service and support remains our top priority and the high service levels that you have come to expect will remain unchanged.
• You should continue to interact with us just as you always have, online, by phone and in-person at our offices.

What does this mean for healthcare premiums in Bermuda?

• The island of Bermuda has been forced to confront several local challenges and market-wide factors that have impacted the cost of healthcare. That includes Bermuda’s ageing population, a rise in chronic illnesses, and the need for overseas travel for specialised treatments. This combination provides the scale and resources necessary to negotiate superior deals with overseas healthcare providers, helping to mitigate rapidly rising healthcare costs.

Why is this attractive for investors?

• This is a compelling opportunity to create a stronger, more efficient and more diversified group, bringing together two Bermudian insurers with complementary expertise, product lines and geographic footprints.
• The increased scale of the combined group will support ongoing investment in best-in-class products and services, including enhancing our digital offering, accelerating our growth plans, and bringing greater buying power in the context of ongoing inflationary headwinds.
• The combination will create a business with:
  • A higher quality earnings profile driven by enhanced portfolio diversification.
  • Efficiency opportunities across combined operations and underwriting.
  • Strong capitalisation and financial strength ratings provide flexibility to support future strategic initiatives, sustainable growth, and an attractive dividend to shareholders.

As a shareholder, how does this affect my quarterly dividend?

• The combined entity is committed to continuing to pay an attractive dividend and should have the financial strength and flexibility to do so.

If you’re a shareholder looking for more information, please visit the Shareholders Services section on BFM’s website at bfm.bm/shareholderservices