BF&M Announces Stock Dividend

BF&M Limited
Hamilton, Bermuda
29 April, 2002

BF&M Limited today announced that at a meeting on 25 April 2002, its Board of Directors approved a 1 for 10 Common Stock Dividend to shareholders of record at 10 May 2002.

President & Chief Executive Officer, Glenn Titterton said "BF&M recently announced strong results for the year ended 31 December 2001 with Net Earnings of $10.5 million. We received a financial strength rating of A- Excellent from A. M. Best, our businesses are successful and leading edge initiatives in both technology and training and development, have positioned BF&M well to face the challenges of the current business cycle and the market place generally."

"We have a strong lead in the use of leading edge technology. "e-surance @ bfm" at www.bfm.bm represents Bermuda's only full real-time on-line quote and buy e-commerce insurance facility and new products and services are being rolled out on a continuing basis. We expect this initiative to result in cost savings as well as increased business."

Mr. Titterton confirmed that the Board of Directors were determined that the Company should give real value to its Shareholders and their decision to award a 1 for 10 stock dividend was based on the strength of the Company's 2001 performance. "Management and the Board are confident that the success of the Company will continue."

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