Allshores Limited  
BSX: ALSH.BH 

FOR IMMEDIATE RELEASE

Hamilton, Bermuda, 30 September 2025 — Allshores Limited (“Allshores”) (BSX: ALSH) today updates the market on its unaudited interim results for the six months ended 30 June 2025. 

FINANCIAL HIGHLIGHTS

Prior year comparatives comprise of proforma BF&M plus Argus 

Abigail Clifford, Group President and Chief Executive Officer, said: “The Group has delivered a strong first half performance. Excluding the $45.8 million one-off gains associated with the amalgamation with Argus, we generated an operating profit of $27.6 million, nearly double the prior year’s pro forma result of $14.6 million. The increase in profitability was driven primarily by strong investment performance, supported by improved Health underwriting results.  

While rising health claims continue to create headwinds, our disciplined underwriting, prudent risk management, and focus on sustainable growth are driving improved profitability. We remain confident in our long-term strategy and in our ability to deliver value for our shareholders.”  

REVIEW OF FINANCIAL RESULTS  

• Net profit: $75.8 million, which includes a one-off bargain purchase gain of $45.8 million from the amalgamation between BF&M Limited (now renamed Allshores Limited) and Argus. A further $1.4 million amortisation charge was recognised in respect of newly acquired intangibles relating to  customer relationships and technology.  
• Operating profit: $27.6 million for the six months ended 30 June 2025, equating to an 8.0% return on equity (16.7% annualised). This improved result was driven by investment income growth following favourable market movements; improved Health underwriting performance; and lower operating costs.  
• Underwriting: Net earned premiums rose 11% to $199.7 million, primarily driven by health rate increases. Overall claims decreased by $0.5 million, reflecting improved P&C results, partially offset by higher health claims.  
• Combined ratio: Improved to 94.4% (H1 2024: 100.7%), underscoring more efficient underwriting performance.  
• Investment income: Core investment income delivered $32.4 million, driven by fair value gains across portfolios.   
• Coverage ratio: Capital position remains strong with a coverage ratio of 282% (December 2024: 355%) on the Group regulatory capital requirement.
• Dividends: Total cumulative dividends of $0.56 per share have been declared in respect of the six months ending 30 June 2025, comprising a dividend of $0.28 in respect of the three months ending 31 March 2025 which was paid in early July 2025, and a further $0.28 in respect of the second quarter, to be paid in early October 2025.  
• Health insurance: Net loss ratio improved to 89% (H1 2024: 94%), supported by targeted premium adjustments.
  • The Bermuda Health book continues to experience pressure from both higher frequency and severity of Major Medical claims. Severity is being driven by an increase in high-cost oncology and neonatal cases, along with a rise in overseas referrals for treatments that historically would have been managed on-island. The reinsurance programme remains a critical tool in mitigating volatility and capping exposure to large losses.
  • The integration of the BF&M and Argus legacy books has expanded our purchasing power, enabling us to negotiate more effectively and dampen claims cost growth for the benefit of customers and the community. Since 1 June 2025, overseas care management for both books has been consolidated under One Team Health, a Group subsidiary.  
• Property & Casualty: Delivered stronger underwriting results, with a net loss ratio of 35%  (H1 2024: 54%). On 1 April 2025, we successfully renewed our reinsurance programmes on a combined basis, achieving meaningful cost efficiencies. By consolidating our previously separate programmes, we were able to achieve diversification across geographies.
  • Bermuda  
    • Underwriting performance improved modestly over the prior year, with greater scale helping to reduce acquisition costs. As is typical, the second half of the year will present elevated exposure to hurricane-related claims.  
  • Europe
    • Favourable underwriting results, particularly in the Motor book, were driven by targeted rate increases and favourable claims development.
  • Caribbean  
    • Overall performance for the region remained broadly in line with the prior year. 

OPERATIONAL AND STRATEGIC DEVELOPMENTS IN THE PERIOD  

Integration update  

The combination of BF&M and Argus was completed on 6 January 2025. The initial focus of integration efforts was to ensure a smooth “day 1” transition; to build the key workstreams and governance structures; and to develop integration roadmaps for the remainder of 2025 and 2026. Having delivered this, we have now entered an execution and delivery phase.    

Of particular note in the first half of the year was the successful integration of all our overseas healthcare case-handing into one in-house service (One Team Health). As part of this renewal, we introduced enhancements to our health plans for customers such as removing co-pay for preventative services and new population health and care management services for former BF&M health insurance customers.    

Over time further integration activities will support the introduction of harmonised products, benefits and services across both our Employee Benefits (Health, Wealth and Pensions) businesses and our Property and Casualty businesses in the Bermuda market. Our strong focus will be to maintain customer service levels during this period of change.    

We will be moving our head office from Pitts Bay Road to the former Argus head office building in Wesley street. The Wesley Street building is larger and better able to accommodate the amalgamated group. 

Further details will be provided to customers shortly.  

Branding  

In May 2025, shareholders approved our new Group name: Allshores Limited. This new brand will be rolled out over time, with a new website and customer materials to be launched in the first part of 2026. Changing our underlying IT systems (and the branding embedded therein) will take time, meaning that customers will continue to see the BF&M and Argus brands in different contexts well into 2026. Our focus is on ensuring continuity of customer service and to minimise the risk typically involved in such migrations.  

Community engagement  

Throughout the period, the Group remained active in community engagement. Highlights include sponsorship of the Cayman Light Up the Night Event in support of breast cancer in March, the Bermuda Day Marathon in May, and we look forward to the upcoming 29th annual BF&M Breast Cancer

Awareness 

Walk on 15 October 2025. In addition to such major sponsorships, we continued to support around 50 local charities, reaffirming our commitment to the communities in which we operate.  

Outlook  

Although meteorological agencies forecasted an above-normal season for storms in the Caribbean, to date activity has been lower than expected. The exception was Hurricane Erin, although it remained mostly over open water. The Group has a comprehensive reinsurance programme in place, so while we are mindful that further storms may still pose threats as we move into the historically most active weeks, we remain confident in the resilience of our position for the remainder of the year.  

Health claims costs continue to rise, and we are active in taking steps to address this. Of particular concern are the rising costs of specialty drugs such as GLP-1s; whilst the cost of overseas hospital care (particularly in the USA) continues to climb. Our optional overseas Preferred Provider Networks (PPNs) 
allow customers to select policies with a narrower network of high-quality, cost-effective providers, for lower premiums. Further, to help manage the costs of travel for overseas care as well as improve service, we have introduced a new travel concierge system. The combination of targeted initiatives and strong underwriting discipline underpins our ability to navigate the ongoing inflationary environment.  

On 29 September 2025, the Board declared a dividend in respect of the second quarter of 2025 of $0.28, to be paid on or about 14 October 2025 to shareholders on the register at close of business as at 7 October 2025.    

The Board has also decided to re-start the company’s share buyback programme. A separate Bermuda Stock Exchange announcement will be made on this shortly. 

View our 2025 Six Month Report