BF&M Ltd reported net income of $11.9 million for 2019, despite the impact of substantial hurricane claims. The profit fell from $20.2 million in 2018 as operating expenses increased by 9 per cent to $48.6 million. John Wight, the insurer’s group chairman and chief executive officer, said: “Our 2019 results are particularly pleasing given the challenges faced by our industry over the past twelve months. “Not only did we weather two major storms affecting Bermuda and the Caribbean region, but we navigated through significant legislative and regulatory upheaval impacting our industry.” Hurricane Humberto, a Category 3 storm, hit Bermuda last September, while Hurricane Dorian, a Category 5 storm, caused devastation in the Bahamas. Mr. Wight added: “Throughout, we delivered on our promise of being there for our customers when they needed us most, both with our strong capital base and by sharing information through these changing times.” Equity attributable to shareholders at December 31, 2019, was $280.9 million. General fund assets totalled $1.7 billion of which $143.3 million was held in cash and cash equivalents. Gross premiums written for the period increased from the prior year by 12 per cent to $331.7 million, driven by growth in property premiums in the Caribbean and higher Annuity premium. Investment income for the year reflected a $53.6 million increase in the fair value of investments, driven largely by gains in the market value of the company’s fixed income investments. The company said short-term claims and adjustment expenses increased 37 per cent to $18.5 million, of which $7.2 million was from 2019 storm claims. Life and health policy benefits increased by 57 per cent to $128.5 million. “Life and health policy benefits” includes changes in life reserves, which increased in 2019 compared to 2018 in the same period due to differences in market interest rates.