Buy Or Sell Opportunity • 1h
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.7% to BD$23.80. The fair value is estimated to be BD$19.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (9 non-independent directors). Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • May 08
Allshores Limited, Annual General Meeting, May 21, 2026 Allshores Limited, Annual General Meeting, May 21, 2026. Announcement • Apr 30
BF&M Limited, Annual General Meeting, May 14, 2025 BF&M Limited, Annual General Meeting, May 14, 2025. Location: boardroom, level 1, insurance building, 112 pitts bay road, pembroke., Bermuda Announcement • Mar 26
BF&M Limited announces Quarterly dividend, payable on April 11, 2025 BF&M Limited announced Quarterly dividend of BMD 0.2800 per share payable on April 11, 2025, ex-date on April 01, 2025 and record date on April 02, 2025. Board Change • Oct 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
Full year 2023 earnings released: EPS: BD$2.99 (vs BD$1.00 loss in FY 2022) Full year 2023 results: EPS: BD$2.99 (up from BD$1.00 loss in FY 2022). Revenue: BD$422.9m (up 206% from FY 2022). Net income: BD$26.7m (up BD$35.6m from FY 2022). Profit margin: 6.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • May 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 29
BF&M Limited, Annual General Meeting, May 09, 2024 BF&M Limited, Annual General Meeting, May 09, 2024, at 15:00 Atlantic Daylight. Location: Boardroom, Level 1, Insurance Building, 112 Pitts Bay Road, Pembroke Bermuda Agenda: To receive the financial statements for the year ended 31 December 2023 and auditor's report thereon; to appoint PricewaterhouseCoopers as auditor, and to authorise the Board of Directors, acting through the Audit Committee, to set their remuneration; to re-elect each of the individuals as a Director; to authorise the Board to fill any vacancy in their number left unfilled for any reason; and to generally and unconditionally authorise the Board, in accordance with the Company's Bye-laws, to dispose of or transfer all or any treasury shares, and to issue, allot or grant options, warrants or similar rights over or otherwise dispose of all the authorised but unissued share capital of the Company to such person(s), at such times, for such consideration and upon such terms and conditions as the Board may determine. Board Change • Apr 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Board Change • Apr 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 25
Dividend of BD$0.28 announced Shareholders will receive a dividend of BD$0.28. Ex-date: 28th March 2024 Payment date: 12th April 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 16% EPS decline seen over the last 5 years. Board Change • Mar 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 06
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 21
Upcoming dividend of BD$0.28 per share at 4.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 12 January 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Bermuda dividend payers (6.3%). Higher than average of industry peers (2.3%). Buying Opportunity • Dec 19
Now 26% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be BD$31.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Dec 12
BF&M Limited Declares Dividend, Payable on 12 January 2024 The BF&M Limited announced a declaration of dividend of 0.28 cents on common shares. The full filing stated: Record Date is 29 December 2023. Payment Date is 12 January 2024. Board Change • Nov 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 09
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
BF&M Limited Declares Dividend, Payable on 13 October 2023 The BF&M Limited announced a declaration of dividend. The full filing stated: Common Shares: Record Date: 29 September 2023. Payment Date: 13 October 2023. Dividend per share: 0.28 cents. Announcement • Sep 16
BF&M Limited Announces Resignation of Mr. Christopher Harris as Director The BF&M Limited Board of Directors announced that the resignation of Mr. Christopher Harris as a Director with effect from 15 September 2023. Board Change • Sep 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 12
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 22
Bf&M Limited Announces Dividend Increase for Shareholders, Payable on July 14, 2023 BF&M Limited announced an increase in dividends for its valued shareholders. The decision to raise dividends reflects the company's strong financial performance and its commitment to delivering long-term value to its shareholders. As part of its ongoing efforts to enhance shareholder returns, BF&M has declared an increase from $0.24 to $0.28 payable to shareholders on July 14th, 2023. The decision to raise dividends aligns with the company's strategy to provide shareholders with attractive and competitive returns on their investment. Board Change • Jun 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 19
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 07
Full year 2022 earnings released: BD$1.00 loss per share (vs BD$2.77 profit in FY 2021) Full year 2022 results: BD$1.00 loss per share (down from BD$2.77 profit in FY 2021). Revenue: BD$138.3m (down 34% from FY 2021). Net loss: BD$8.85m (down 136% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Apr 19
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2022 earnings released: BD$1.00 loss per share (vs BD$2.77 profit in FY 2021) Full year 2022 results: BD$1.00 loss per share (down from BD$2.77 profit in FY 2021). Revenue: BD$138.3m (down 34% from FY 2021). Net loss: BD$8.85m (down 136% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Mar 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 06
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 23
Upcoming dividend of BD$0.24 per share Eligible shareholders must have bought the stock before 30 December 2022. Payment date: 13 January 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.6%. Within top quartile of Bermuda dividend payers (4.2%). Higher than average of industry peers (2.5%). Board Change • Dec 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 08
BF&M Limited Announces Resignation of John Wight as Chairman BF&M Limited announced that John Wight has stepped down from the Board of Directors as Group Chairman, effective immediately. Board Change • Oct 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 10 non-independent directors. Group President, Group CEO & Director Abigail Clifford was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 27% share price gain to BD$23.00, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 11x in the Insurance industry in North America. Total returns to shareholders of 52% over the past three years. Board Change • Jul 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 13
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 24
Upcoming dividend of BD$0.24 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Bermuda dividend payers (4.3%). Higher than average of industry peers (2.4%). Board Change • Mar 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Jennifer Reynolds was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 22
Upcoming dividend of BD$0.24 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 15 October 2021. Trailing yield: 4.2%. Within top quartile of dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • May 26
Full year 2020 earnings released: EPS BD$2.61 (vs BD$2.07 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: BD$233.9m (down 8.0% from FY 2019). Net income: BD$23.2m (up 27% from FY 2019). Profit margin: 9.9% (up from 7.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming Dividend of BD$0.24 Per Share Will be paid on the 15th of April to those who are registered shareholders by the 30th of March. The trailing yield of 4.3% is in the top quartile of Bermuda dividend payers (4.1%), and it is higher than industry peers (2.7%). Announcement • Sep 05
Joe Poulin acquired a 51% stake in Insurance Corporation of Barbados Limited from BF&M Limited (BER:BFM.BH). Joe Poulin acquired a 51% stake in Insurance Corporation of Barbados Limited from BF&M Limited (BER:BFM.BH) on September 2, 2020.
Joe Poulin completed the acquisition of a 51% stake in Insurance Corporation of Barbados Limited from BF&M Limited (BER:BFM.BH) on September 2, 2020. 
