AM Best Comments on Credit Ratings of BF&M Limited and Its Subsidiaries Following Announcement of Share Purchase Agreement by Argus Group Holdings Limited

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has commented that the Credit Ratings of BF&M Limited (BF&M) and its insurance subsidiaries, BF&M Life Insurance Company Limited, BF&M General Insurance Company Limited and Island Heritage Insurance Company, Ltd. (Cayman Islands) remain unchanged following Argus Group Holdings Limited’s announcement of a share purchase agreement for a large minority interest in BF&M currently owned by Camellia Plc (Camellia). All companies are domiciled in Hamilton, Bermuda, unless otherwise stated.

On June 6, 2023, Argus Group Holding Limited announced that its subsidiary, Bermuda Life Insurance Company, entered into a share purchase agreement to acquire the 36.9% shareholding in BF&M currently held by a subsidiary of Camellia, an international group focused on agricultural business. Camellia’s desire to divest its shareholding prompted BF&M to conduct a review of strategic alternatives in the second half of 2022, which included the possible sale of the company. Upon conclusion of the review, BF&M announced its intent to continue to operate on a standalone basis. The share purchase requires regulatory and tax approvals and is expected to close in late third-quarter 2023 to fourth-quarter 2023. AM Best expects BF&M to continue its normal course of business operations and financial position remaining unaffected by this share purchase agreement.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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John McGlynn, CFA

Financial Analyst

+1 908 439 2200, ext. 5730

john.mcglynn@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Bridget Maehr
Associate Director

+1 908 439 2200, ext. 5321

bridget.maehr@ambest.com

Al Slavin
Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Source: AM Best