ANNOUNCEMENT: BF&M and Argus announce plans to combine
To read more about how we’re planning to move forward together, click here.

BF&M | Argus

are planning to move forward together


BF&M and Argus have agreed to a potential combination, with the intention of creating a Bermuda-based multi-line insurer with enhanced scale and resources.

Both organisations bring complementary strengths that would enable us to better serve our customers and partners, accelerate our growth strategy, deliver stronger returns to our shareholders, and improve economic outcomes for the island and international communities we serve.

The transaction is subject to required regulatory approvals and shareholder approval with a planned completion date for the amalgamation in the fourth quarter of 2024.

We are incredibly proud of our shared Bermudian roots and strongly believe this transaction is the right step at the right time to create value for all stakeholders.

We believe that we can be better together. 

Read the announcement


Frequently asked questions

Why is BF&M combining with Argus?

  • This is a unique and compelling opportunity to create a stronger, more efficient and more diversified insurance group with exciting growth opportunities.
  • We have spent the past two years evaluating a number of strategic options to enhance our value and position our business for a successful future. As BF&M and Argus have separately announced transactions to acquire an ownership position in each other, it made sense to evaluate how we could best move forward together.
  • This proposed combination of two proud Bermuda-based insurers provides an opportunity to create 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 progress across all three strategic pillars – growth, efficiency and service –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.

How is the transaction structured?

  • We intend to combine through an amalgamation agreement where Argus shareholders will receive shares in BF&M. Following the closing of the transaction, BF&M shareholders are expected to own 60% and Argus shareholders 40% of the combined group.
  • In effect, the Argus Group of entities will become part of the BF&M Group and BF&M common shares will continue to be listed on the Bermuda Stock Exchange and Argus shares will be delisted.

What will be the name of the combined company?

  • This is still to be determined. The combined company will be renamed in due course following closing.

Who will lead the combined company?

  • Upon closing, Abigail Clifford will be appointed CEO of the combined company and the executive leadership team will be comprised of highly experienced leaders from both companies. That includes Peter Dunkerley, currently CFO of Argus, who will be appointed CFO.

Should we consider BF&M and Argus one company as of today?

  • No, at this stage BF&M and Argus have signed an amalgamation agreement. We continue to remain and operate on a day-to-day basis as separate companies until closing.

What’s the expected timeline and when will shareholders be asked to vote?

  • The agreement is subject to regulatory approvals across certain operating jurisdictions, including Bermuda, Malta, and Gibraltar.
  • Argus shareholders need to approve the amalgamation and BF&M shareholders will need to approve related matters such as governance changes, including to the Company’s byelaws on completion of the amalgamation. You will be receiving proxy materials detailing those matters along with voting instructions over the coming months.
  • As such, subject to shareholder and regulatory approvals, the transaction is expected to close in the fourth quarter of 2024.

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

  • The transaction structure ensures uninterrupted policy coverage and service for our customers.

What will the combined company offer customers?

  • As a combined company, we would have an enhanced portfolio of businesses across Property & Casualty, Life, Health, and Pensions. The increased scale of the combined group would support ongoing investment in best-in-class products and services, accelerate our growth plans, and bring greater buying power in the context of ongoing inflationary headwinds.
  • Both companies have always been committed to developing innovative solutions and providing a level of service that exceeds expectations – and this proposed combination better positions us to do just that.   

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. With this combination, we would have the scale and resources necessary to negotiate superior deals with overseas healthcare providers, helping to mitigate rapidly rising healthcare costs.

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

  • From now until closing of the transaction, you remain eligible to receive any distributed dividends in the same way as before.
  • Following completion of the transaction, the combined entity is committed to continuing to pay an attractive dividend and should have the financial strength and flexibility to do so.

For customer inquiries, email [email protected]
For shareholders inquiries, email [email protected]