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BF&M Acquires 51% of the shares in the Insurance Corporation of Barbados Limited

BF&M Limited
Hamilton, Bermuda
8 November, 2005

John Wight, President & CEO of BF&M Limited, today announced that BF&M Limited had signed an agreement to acquire 19,887, 211 Common Shares or 51% of the shares in the Insurance Corporation of Barbados Limited (“ICBL”) from the Government of Barbados. Mr. Wight stated that the acquisition of this majority interest in ICBL is consistent with BF&M’s strategic objective to diversify geographically into selected territories and into businesses that we have core competencies. “This is a very exciting day for BF&M and its shareholders. ICBL has proven itself to be the leading underwriter of general insurance business in Barbados. The company has strong management and qualified staff. We look forward to working with our partners at ICBL and assisting them in providing the products and services to their customers to expand their business”.

The purchase price of the ICBL shares purchased by BF&M from Government will be approximately Barbadian dollar $51,700,000. (US$25,850,000). In addition to acquiring 51% of ICBL from the Barbadian Government, BF&M will also be making an offer to the remaining shareholders of ICBL to acquire their shares. The purchase of these shares will be made by BF&M Limited through Hamilton Financial Limited, a wholly owned subsidiary of BF&M based in St. Lucia, through a public offer pursuant to a take over circular. The bid period is expected to commence on 15th November for a period of 30 days. ICBL is a publicly traded company on the Barbados Stock Exchange.

ICBL’s business dates back to 1978 when the government of Barbados established a wholly owned entity to provide insurance coverage to various government departments and the Barbadian public. ICBL was incorporated in 1994. An initial Public Offering was made in 2000 to expand the ownership of the company. At 31st December 2004, ICBL had assets of approximately Barbadian dollar $220,000,000 (US$110,000,000). The Company’s registered office is located in St. Michael, Barbados.


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 Investment Services, Marchmont Insurance Company Limited, Bermuda International Insurance Company Limited, Hamilton Financial Limited, and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited)

For further information contact :-

R. John Wight C.A., President & Chief Executive Officer

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

 
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