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Conyers provided advice and assistance to BF&M Limited on the merger of its wholly-owned subsidiary, Bermuda International Insurance Services Limited (“BIISL”) with VL Assurance (Bermuda) Ltd., a wholly–owned subsidiary of Valor Group Ltd, with VL Assurance (Bermuda) Ltd. being the surviving company in the merger.
BIISL is a Bermuda segregated accounts life insurance carrier offering Fixed Account Universal Life, Variable Account Universal Life, and Private Placement Life Insurance. Valor Group Ltd. intends to continue the existing business lines of BIISL and to commit additional resources toward growing its book.
Valor Group Ltd., is a financial services company that owns Valorlife, a leading European life insurance products company and is listed on the Bermuda Stock Exchange. Valorlife is a European-centric life insurance carrier focused on the sale of life insurance and unit-linked insurance. The group has over US$6 billion in assets, over 5,000 policyholders and holds insurance licenses in Liechtenstein, Ireland, Barbados, and Bermuda.
BF&M Limited is the holding company of the BF&M Insurance Group. Through operating subsidiaries BF&M General Insurance Company Limited, Island Heritage Insurance Company Ltd., BF&M Life Insurance Company Limited, and the Insurance Corporation of Barbados Limited, it conducts insurance business in Bermuda and 14 islands in the Caribbean. The group includes several other companies including Bermuda International Reinsurance Services Limited and BF&M Investment Services Limited. BF&M Limited is listed on the Bermuda Stock Exchange.
David J. Doyle and G. Kent Smith advised on the matter.