BF&M Acquires Canada Life’s Individual Life Business
03 May 2005
John Wight, President & CEO of BF&M Limited, today announced that BF&M Life Insurance Company Limited had signed an agreement to acquire The Canada Life Assurance Company’s individual life business in Bermuda. Mr. Wight stated that “this agreement represents the final stage in BF&M Life taking over all of Canada Life’s insurance business in Bermuda. In March of 2004 Canada Life announced that following a strategic review it had decided that effective 1st April 2004 it would be exiting the group insurance market in Bermuda and would not be renewing group policies. Most Canada Life group client policies were transferred to BF&M Life during 2004. The acquisition of Canada Life’s individual business will be a seamless transition for Canada Life policyholders as BF&M has been administering the individual insurance business on behalf of Canada Life since 1st May 2004.”
Mr. Wight added that letters would be mailed to all Canada Life policyholders shortly advising them of the proposed transfer of the Bermuda individual insurance business which is still subject to requisite regulatory approvals, including the approval of the Bermuda Monetary Authority and the Supreme Court of Bermuda.
BF&M Life Insurance Company Limited is a leading insurer in Bermuda providing individual and group health, life, long term disability, and annuity products. It also offers a full range of individual and group pension products and services. BF&M Life is rated “A” (Excellent) by A.M. Best.
Founded in 1847, Canada Life is Canada’s oldest domestic life insurer and provides insurance and wealth management products and services.
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)
Further information will be released at a later date.
R. John Wight, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831