The Board began 2023 by concluding our strategic review process and committing to intensify our focus on key strategic initiatives for the benefit of all shareholders. Our progress and performance throughout the year validate that decision and demonstrate BF&M is uniquely positioned to lead the future growth of the Bermuda insurance market.
As I reflect on my first year as Group Chair of BF&M’s Board of Directors, I am proud of our many strategic and financial achievements. When I assumed this role, I noted that, by executing our strategic plan, BF&M would demonstrate the renewed strength and focus necessary to generate sustainable value. Throughout 2023, the company took decisive action and delivered strong results, reinforcing the Board’s confidence in our value creation potential.
Our diversification and growth strategy is yielding strong results under the leadership of Abigail Clifford. In a highly dynamic market environment, we delivered outstanding financial results and repeatedly demonstrated our ability to be there for customers when they need us most. This performance strengthens our conviction in our strategy and positioning to drive lasting value for our shareholders, customers, employees, and the greater Bermuda community.
Following the conclusion of our strategic review process, Camellia PLC, our largest shareholder, announced its intention to sell its 36.9% ownership stake to Argus Group Holdings Limited in June 2023. Camellia’s decision to divest its stake to a direct competitor led us to adopt a temporary Shareholder Rights Plan in July to provide our Board sufficient time to make thoughtful and prudent decisions in the best interests of the Company and all BF&M shareholders.
In October 2023, we rescinded the Rights Plan and announced a multifaceted strategic partnership with Equilibria Capital Management. Through this partnership, we are in a position to acquire a significant interest in Argus, and through a planned sale-leaseback transaction strengthen our balance sheet.
The Board continues to prioritise value creation opportunities that serve all its shareholders as well as other stakeholders. We look forward to providing updates as appropriate.
Looking ahead, we enter 2024 energised to continue advancing our strategy. We have sharpened our focus on delivering innovative solutions to customers, sustainable value to shareholders, and an inspiring environment for employees to do their best work.
On behalf of the entire Board, I want to thank BF&M employees for their continued hard work and dedication, and our shareholders for their continued support.
L. Anthony Joaquin
Group Chair
As I reflect on my first year as Group Chair of BF&M’s Board of Directors, I am proud of our many strategic and financial achievements. When I assumed this role, I noted that, by executing our strategic plan, BF&M would demonstrate the renewed strength and focus necessary to generate sustainable value. Throughout 2023, the company took decisive action and delivered strong results, reinforcing the Board’s confidence in our value creation potential.
Our diversification and growth strategy is yielding strong results under the leadership of Abigail Clifford. In a highly dynamic market environment, we delivered outstanding financial results and repeatedly demonstrated our ability to be there for customers when they need us most. This performance strengthens our conviction in our strategy and positioning to drive lasting value for our shareholders, customers, employees, and the greater Bermuda community.
Following the conclusion of our strategic review process, Camellia PLC, our largest shareholder, announced its intention to sell its 36.9% ownership stake to Argus Group Holdings Limited in June 2023. Camellia’s decision to divest its stake to a direct competitor led us to adopt a temporary Shareholder Rights Plan in July to provide our Board sufficient time to make thoughtful and prudent decisions in the best interests of the Company and all BF&M shareholders.
In October 2023, we rescinded the Rights Plan and announced a multifaceted strategic partnership with Equilibria Capital Management. Through this partnership, we are in a position to acquire a significant interest in Argus, and through a planned sale-leaseback transaction strengthen our balance sheet.
The Board continues to prioritise value creation opportunities that serve all its shareholders as well as other stakeholders. We look forward to providing updates as appropriate.
Looking ahead, we enter 2024 energised to continue advancing our strategy. We have sharpened our focus on delivering innovative solutions to customers, sustainable value to shareholders, and an inspiring environment for employees to do their best work.
On behalf of the entire Board, I want to thank BF&M employees for their continued hard work and dedication, and our shareholders for their continued support.
L. Anthony Joaquin
Group Chair