BF&M and Argus Group Holdings, each Bermudian firms providing insurance coverage, pensions and funding companies, have entered a definitive deal to merge their companies.
The all-stock deal will see Argus amalgamate with BF&M subsidiary Eleos Well being.
Argus shareholders will obtain 0.251 BF&M frequent shares for every held, leading to BF&M shareholders proudly owning practically 60% and Argus shareholders owing round 40% of the mixed entity.
The deal has been unanimously authorized by the 2 firms’ boards, which count on the merger to create a extra strong and diversified insurance coverage group.
The mixed firm, which can be renamed, is anticipated to supply enhanced enterprise portfolios throughout property and casualty, life, well being and pensions.
Different strategic advantages of the amalgamation embrace larger scale in healthcare amidst growing prices in Bermuda and expanded geographic attain.
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Financially, the merger is anticipated to yield a higher-quality earnings profile resulting from portfolio diversification.
The elevated scale of the merged entity is aimed toward expediting progress plans and facilitating ongoing merchandise funding.
Awaiting regulatory and shareholder clearances, this transaction is because of shut in This autumn 2024.
Service to prospects of each firms will stay uninterrupted post-merger, with BF&M shares persevering with to commerce on the Bermuda Inventory Alternate, whereas Argus shares can be delisted.
BF&M Abigail Clifford CEO will lead the mixed group as CEO, whereas Argus CFO and deputy CEO Peter Dunkerley will tackle the position of CFO.
The board of administrators will comprise six present BF&M administrators and 4 from Argus, with Anthony Joaquin persevering with as chairman.
Clifford famous: “This proposed mixture would meaningfully speed up our progress throughout BF&M’s three strategic pillars – progress, effectivity and repair – and higher place each organisations to navigate the quickly evolving insurance coverage panorama as one unified enterprise.
“Collectively, we’re dedicated to sustaining our proud heritage as Bermudian companies and growing revolutionary options to enhance the standard of life for our island whereas guaranteeing our insureds and sufferers have selection and entry to care.”
