In 2023, the BF&M group of companies significantly advanced efforts to establish more sustainable company practices and drive positive climate impact.
We made strides toward our goal of offsetting our employees’ carbon footprint by partnering with Climate Wise to fund carbon removal projects. The impact of our investment to date totals 2,885.35 tonnes offset, the equivalent of 13,932,056 miles travelled in a typical family car.
We also took action to further embed sustainability into our day-to-day operations. We moved away from sharing information and policies on paper by launching a new human resources intranet, saving significant internal waste.
We also introduced “Project Propel,” an internal programme intended to improve operational efficiency and encourage a shift in mindset among employees. As part of this effort, we asked employees to look for opportunities to reduce unnecessary waste – they came back with a host of creative ideas, including, for example, changing our lightbulbs to LED lights and reducing the number of internal printers.
Of note, this year our Board and investment committee formally adopted ESG as a consideration within our investment policy statements, and our asset managers continued to consider ESG metrics when designing and reporting returns on our investment portfolio.
We take immense pride in our commitment to cultivating talent and fostering professional growth within our organisation and across our broader community.
Professional development
In 2023, our continued dedication to nurturing and advancing our workforce was exemplified by several internal initiatives. We celebrated 24 promotions, reinforcing our belief in providing internal opportunities for advancement. Leadership development was a key focus, with 19 of our leaders participating in esteemed external leadership programmes. Moreover, the introduction of a Professional Development Policy and our continued partnership with LinkedIn Learning underscore our commitment to supporting every employee in their development journey.
Employee recognition awards
Again this year, we commemorated our Employee Recognition Awards, highlighting the outstanding contributions of several of our team members. In 2023, we honoured 19 individuals across all of our jurisdictions in five categories: Outstanding Customer Service, Outstanding Customer Support, Best Team Player, Above and Beyond, and Excellence in Leadership.
Professional development
In 2023, our continued dedication to nurturing and advancing our workforce was exemplified by several internal initiatives. We celebrated 24 promotions, reinforcing our belief in providing internal opportunities for advancement. Leadership development was a key focus, with 19 of our leaders participating in esteemed external leadership programmes. Moreover, the introduction of a Professional Development Policy and our continued partnership with LinkedIn Learning underscore our commitment to supporting every employee in their development journey.
Employee recognition awards
Again this year, we commemorated our Employee Recognition Awards, highlighting the outstanding contributions of several of our team members. In 2023, we honoured 19 individuals across all of our jurisdictions in five categories: Outstanding Customer Service, Outstanding Customer Support, Best Team Player, Above and Beyond, and Excellence in Leadership.
Two-year internship programme
In December, the very first participant in our two- year internship programme successfully completed their internship with us, gaining a comprehensive understanding of the insurance industry through rotations across various roles. This individual’s dedication and hard work resulted in an offer for a permanent position at BF&M. Following in these successful footsteps, we welcomed another individual into our internship programme in October, demonstrating our continued encouragement of growth and learning.
Student placement opportunities
Through both holiday and summer placements, our Bermuda and Cayman Islands offices welcomed 12 students for work placements. During their time with us, this group representing the next generation of insurance professionals had the opportunity to enrich their learning and gain valuable experience across various departments including Health, Life, Property & Casualty, Information Technology, and Legal & Compliance.
Island Heritage educational grant
Congratulations to our $10,000 Educational Grant recipient, Marlena Williams. Marlena is currently pursuing a Bachelor’s in Marketing with a specialisation in Digital Marketing and Analytics at Johnson & Wales University. We established the Island Heritage Educational Grant in 2017 and have donated $70,000 over the past seven years to help Caymanian students pursue their academic dreams.
Postgraduate scholarship
Etteleon Burchall was the recipient of the inaugural BF&M Postgraduate John Wight Scholarship, selected from more than 60 applicants. The scholarship is valued at $25,000 and will support her pursuit of a Master of Science degree in Global Health Policy at the University of London. Etteleon’s academic journey has been marked by determination, resilience, and a commitment to making a meaningful impact on healthcare systems. Congratulations on this outstanding achievement, Etteleon.
Two-year internship programme
In December, the very first participant in our two- year internship programme successfully completed their internship with us, gaining a comprehensive understanding of the insurance industry through rotations across various roles. This individual’s dedication and hard work resulted in an offer for a permanent position at BF&M. Following in these successful footsteps, we welcomed another individual into our internship programme in October, demonstrating our continued encouragement of growth and learning.
Student placement opportunities
Through both holiday and summer placements, our Bermuda and Cayman Islands offices welcomed 12 students for work placements. During their time with us, this group representing the next generation of insurance professionals had the opportunity to enrich their learning and gain valuable experience across various departments including Health, Life, Property & Casualty, Information Technology, and Legal & Compliance.
Island Heritage educational grant
Congratulations to our $10,000 Educational Grant recipient, Marlena Williams. Marlena is currently pursuing a Bachelor’s in Marketing with a specialisation in Digital Marketing and Analytics at Johnson & Wales University. We established the Island Heritage Educational Grant in 2017 and have donated $70,000 over the past seven years to help Caymanian students pursue their academic dreams.
Postgraduate scholarship
Etteleon Burchall was the recipient of the inaugural BF&M Postgraduate John Wight Scholarship, selected from more than 60 applicants. The scholarship is valued at $25,000 and will support her pursuit of a Master of Science degree in Global Health Policy at the University of London. Etteleon’s academic journey has been marked by determination, resilience, and a commitment to making a meaningful impact on healthcare systems. Congratulations on this outstanding achievement, Etteleon.
We aim to ‘partner with purpose’ to build stronger communities, together. Our title sponsorships are centred on environmental stewardship, community engagement, and wellness.
donated within our communities
employee volunteer hours
of employees volunteer to support our initiatives
donated within our communities
employee volunteer hours
of employees volunteer to support our initiatives
As a leading health insurance provider, we understand the importance of a healthy, thriving community, so we dedicate both time and resources to drives, initiatives and charities focused on improving health and wellness.
In 2023, we aligned our efforts across Bermuda, Barbados, and Cayman by sponsoring local breast cancer awareness walks and supporting initiatives to combat homelessness. We celebrated the 27th year of the BF&M Breast Cancer Awareness Walk, which we host in partnership with Bermuda Cancer and Health Centre. We had a record-breaking 1,800+ participants come to support the cause. Additionally, for the second year in a row, Island Heritage was the Title Sponsor of the Light up the Night walk, which saw yet another record turnout of over 1,600+ participants. In Barbados, we were pleased to sponsor the CIBC Walk for the Cure and walk as a team in support of this important cause.
This year we also announced a significant partnership with KBB (Keep Bermuda Beautiful) as the title sponsor for Earth Week in Bermuda. This initiative united 1,272 volunteers from across the island to clean 60 locations, resulting in the removal of an impressive 25,048 pounds of litter and illegal dumping.
Members of our Cayman Island Heritage team also volunteered their time to support the Cayman Islands Chamber of Commerce’s Earth Day Clean Up.
Island Heritage hosted another successful Charity Drive event in 2023. Since its inception in 2012, the drive has supported 33 charities and donated over $385,000 CI. This year, donations went to the Alex Panton Foundation, dedicated to fighting the stigma around youth mental illness, Cayman Island eSports Association, and the Cayman Food Bank.
We were also proud to partner with Endeavour in sponsoring the BF&M No Limits Sailing Programme, which facilitates experiential learning for students aged 6 to 18, particularly those on the autism spectrum or with developmental challenges. Participants engage in hands-on activities focusing on STEM concepts relevant to sailing, complemented by recreational therapy sessions on the water.
These initiatives and the others we support reflect our ongoing dedication to making a positive impact and fostering thriving local communities.
Each year, we continue to progress our commitment to transparent, ethical, and lawful business practices.
We recognise the vital role that responsible governance plays in fostering trust among all our stakeholders. Our Board of Directors and leaders are guided by a comprehensive governance framework that ensures we execute our strategic vision while maintaining the utmost integrity of the organisation. Each year, we continue to progress this framework in line with these ideals.
We have established clear policies and procedures for risk management that are reviewed annually and approved by the Board. These policies and procedures are based on the ever-changing compliance environment and are driven by the Financial Action Task Force (FATF), our global regulator, to ensure we maintain a robust Compliance Regime for all jurisdictions in which we operate.
Equally important, we launched internal training for Market Fraud, GDPR and Anti-Bribery and Anti-Corruption, to ensure our employees understand and are well equipped with the right tools to practice ethical workplace behaviour. We also introduced a complaints handling policy, as well as a formal process for submitting and tracking customer complaints.
Finally, we established a contracting policy to standardise and streamline the contracting and approval processes, supporting strong contract governance. We also introduced a new vendor management system to actively mitigate risk associated with our third-party partnerships.