Carol Bassett named SVP of BF&M Life

BF&M Limited
Hamilton, Bermuda
12 February 2001

BF&M Limited today announced that Mrs. Carol A. M. Bassett, F.L.M.I./M., A.C.S., H.I.A. was appointed Senior Vice President, BF&M Life Insurance Company Limited from 15th January 2001.

Mrs. Bassettt has 23 years of relevant insurance experience, most recently as Vice President, Customer Relations & Sales for BF&M Life. She is a Master Fellow of the Life Management Institute and an Associate in Customer Service from the same Institute. She is a Health Insurance Associate and holds the International Certificate for Financial Advisors and the Bermuda Insurance Diploma. Her management development programme included courses at Columbia University. She has been a member of BF&M Life's leadership team for many years and has played an important role at the group executive level for the past three years.

In her new position Mrs. Bassett will retain executive level responsibility for Sales and Customer Relations as well as assuming day to day overall responsibility for BF&M Life. She will report direct to Glenn M. Titterton, President & Chief Executive Officer of BF&M Life. She will be very ably supported by an experienced executive and management along with an excellent staff.

Mr. Titterton said that while BF&M's property and casualty businesses date back to 1903, the life business was started in 1962 and had grown very rapidly, especially since BF&M Life Insurance Co. Ltd. was established as a separate company in 1990. "There has been very strong growth in group business and the company is now one of Bermuda's leading providers of group health, life, disability income and pensions. It is one of the two leading companies in the BF&M Group. Mrs. Bassett will play a senior role in a strong Executive team and I have every confidence that she will be very successful."

Mrs. Bassett said that she was confident that her extensive insurance and management education combined with 23 years experience with the company had prepared her to assume this senior role. "I have enjoyed my years of leadership at BF&M including those on the Group Executive, and I welcome the opportunity to assume even greater responsibility. BF&M is a very progressive organization. We have identified many challenges ahead which I am eager to face and I am convinced that BF&M Life, with its strong leadership team and excellent staff, will continue to grow and achieve its objectives."

ABOUT BF&M INSURANCE GROUP
BF&M Limited is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The group includes several other companies including BF&M Management Limited, Marchmont Insurance Company Limited, BF&M Investment Services and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited)

For further information contact :-

Glenn M. Titterton, President & Chief Executive Officer

Phone 295 5566, Fax 292 8831, e-mail gmtitterton@bfm.bm