AM Best has placed the credit ratings of Bermuda-based BF&M Ltd and its subsidiaries under review with developing implications following the announcement of an all-stock merger with the Argus Group. Specifically, the financial strength ratings and long-term issuer credit ratings of BF&M Life Insurance Company Ltd, BF&M General Insurance Company Ltd, and Island Heritage Insurance Company Ltd are now under review. Concurrently, AM Best has revised the status of Argus Group’s ratings from ‘developing’ to ‘positive’, reflecting improved geographic and product diversification anticipated from the merger. The merger is expected to complete with regulatory approval from the Bermuda Monetary Authority in late 2024, and involves Argus Group acquiring a 36.9% stake in BF&M from Camellia Plc.

Insurance, Financial Services, Credit Rating Agencies,Bermuda, Cayman Islands