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Flex Account Retirement Plan

BF&M Limited
Hamilton, Bermuda
17 February, 2005

R. John Wight, C.A., President & Chief Executive Officer of BF&M Life Insurance Company Limited, today announced the company’s new FLEX ACCOUNT, the first Bermudian prescribed retirement product to be approved by the Pension Commission. “WE expect this new product to be very well received by both employers and their employees,” said Mr. Wight.

There are no set-up fees and no minimum amounts required to establish an account. Perhaps best of all, the FLEX ACCOUNT offers an unprecedented degree of flexibility. Until now, when someone who was in a defined contribution pension plan reached retirement age, they were required to purchase a life annuity at that time as there were no other prescribed retirement products available in Bermuda. If interest rates were low (as they are now) their annuity payments would be low.

BF&M’s FLEX ACCOUNT, in contract, makes it possible for a retiree to postpone purchasing the annuity until rates go up, enabling them to benefit from a higher annuity. BF&M is currently the only company in Bermuda offering a product with this feature.

The FLEX ACCOUNT give investors seven different investment profiles to choose between, reflecting varying degrees of risk. A young investor, with many years to go before reaching retirement, may choose a more aggressive profile than someone who is nearing retirement. BF&M has three certified financial planners and several group representatives available to advise investors regarding which investment profile would be most appropriate for a particular individual.

To arrange interviews, or for more detailed information about BF&M’s new FLEX ACCOUNT RETIREMENT PLAN, contact Peter M. Lamb, Vice President Customer Relations & Sales, at 298-0337 or by e-mail to

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 :-

R. John Wight, President & Chief Executive Officer

Phone 295-5566 Fax 292-8831 e-mail

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