BF&M Ltd made shareholders’ net income of $12.6 million in the first nine months of the year, down from $16.9 million in the same period of 2018.The insurance group, which does business across several Caribbean islands as well as Bermuda, has paid out claims on two major storms during this year.John Wight, group chairman and chief executive officer, said he was pleased to report good results. “Earnings were largely driven by strong results from our Group Life and Pensions businesses, supported by excellent investment performance from the equity and fixed income markets.“Our results are particularly pleasing for a period that was impacted by losses from two hurricanes — Humberto in Bermuda and Dorian in the Bahamas. “Despite significant claims, our property and casualty businesses recorded a profit for the period. BF&M maintains a robust reinsurance programme, which responded as expected following the storms.”BF&M said loss experience in the P&C businesses, other than the effects of the hurricanes, was better than expected. Offsetting this was the poor loss experience in the Group Health line of business, as benefits paid were greater than forecasted.BF&M was the group’s P&C businesses were the first in the region to have their AM Best financial strength ratings reaffirmed after Hurricane Dorian. BF&M General Insurance Company Ltd of Bermuda, Island Heritage Insurance Company Ltd of Cayman Islands and BF&M Life Insurance Company Ltd of Bermuda are all rated A, while the Insurance Corporation of Barbados Ltd is rated A-.Equity attributable to shareholders at September 30, 2019 was $283.8 million. General fund assets totalled $1.9 billion.Gross premiums written for the period increased from the prior year by 10 per cent to $289.5 million, driven by growth in property premiums in the Caribbean and higher annuity premium.Operating expenses increased 5 per cent over the same period in 2018.