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We’re proud to announce that Argus and BF&M plan to combine their efforts to better serve our community.

This strategic transformation aims to harness our collective expertise, diversified product offerings and geographic reach. It will help pave the way for a stronger, more efficient and innovative company — one that continues to put customers' needs first. By combining our organisations, we intend to create an insurance company with the size to help fight rapidly rising healthcare costs through a more powerful bargaining position with healthcare providers and business partners.

We are moving forward together

Learn more about the announcement

Frequently Asked Questions

  • Argus and BF&M and Argus have signed an amalgamation agreement to combine in an all-stock transaction.
  • Following the closing of the transaction, BF&M shareholders are expected to own 60% and Argus shareholders 40% of the combined group. To effect this, Argus shareholders will receive 0.251 shares of BF&M common stock for each Argus share that they hold.
  • Further details of the transaction are set out in our statement released on the BSX.
  • There is a compelling opportunity to create a stronger, more efficient and more diversified group, bringing together two Bermudian insurers with complementary expertise, product lines and geographic footprints.
  • The increased scale of the combined group will support ongoing investment in best-in-class products and services in Bermuda for Bermudians, accelerate our growth plans, and bring greater buying power in the context of ongoing inflationary headwinds.
  • Ultimately, this transaction will create a Bermudan insurance champion to serve the people of Bermuda and our other international communities.
  • No, at this stage Argus and BF&M have signed an amalgamation agreement. The transaction will complete once the relevant conditions, including regulatory approvals, are in place.
  • Until the transaction is finalised, both Argus and BF&M will continue to operate as two separate entities. 
  • Following closing, Abigail Clifford, CEO of BF&M, will be Chief Executive Officer of the combined group.
  • Peter Dunkerley, CFO and Deputy CEO of Argus will become Chief Financial Officer of the combined group.
  • The executive leadership team will be comprised of highly experienced leaders from both companies.
  • The company’s Board will consist of 10 directors: six current BF&M directors (Abigail Clifford, Anthony Joaquin, Conor O’Dea, Gordon Henderson, Andrew Lo and Paul Markey) and four current Argus directors (David Brown, Barclay Simmons, Costas Miranthis and Kim Wilkerson). Anthony Joaquin, who currently serves as Chairman of BF&M, will serve as Chairman of the combined group.
  • Subject to shareholder and regulatory approvals and satisfaction of other customary closing conditions, the amalgamation is expected to close before the end of 2024.
  • We don’t have a new brand at this early stage. The leadership team of the newly combined group will work on creating the new brand, that is closely aligned to the existing purpose, mission, and values of both companies. 
  • This is a compelling opportunity to create a stronger, more efficient and more diversified group, bringing together two Bermudian insurers with complementary expertise, product lines and geographic footprints.
  • The increased scale of the combined group will support ongoing investment in best-in-class products and services, including enhancing our digital offering, accelerating our growth plans, and bringing greater buying power in the context of ongoing inflationary headwinds.
  • The combination will create a business with:
    • A higher quality earnings profile driven by enhanced portfolio diversification.
    • Efficiency opportunities across combined operations and underwriting.
    • Strong capitalisation and financial strength ratings provide flexibility to support future strategic initiatives, sustainable growth, and an attractive dividend to shareholders.
  • The combination will be strongly capitalised and will have the flexibility to support future strategic initiatives, sustainable growth, and an attractive dividend to shareholders.
  • Regarding your existing relationship with Argus, please be reassured that all existing contractual arrangements will not change.

Disclaimer: The transaction is subject to required regulatory approvals and satisfaction of other customary closing conditions.