Business
Bermuda insurer BF&M Limited, acquires Cayman-based Island Heritage Insurance Company
Tuesday, April 10, 2012
BF&M Limited has once again set its sights on Caribbean expansion with the acquisition of Cayman-based Island Heritage Insurance Company Ltd, which has insurance operations in several Caribbean islands.
BF&M will acquire the Island Heritage for approximately US$68 million. Flagstone Re currently owns an approximate 60 percent stake in Island Heritage and expects to receive about US$40.8 million in cash from the sale.
The transaction is expected to be completed before the end of the second quarter of 2012, subject to the regulatory approvals and other closing conditions.