Under the deal, which has secured the go-ahead from the Bermuda Monetary Authority, Bermuda International Insurance Services will merge with VL Assurance (Bermuda), a wholly- owned subsidiary of Valor Group.
BF&M president and CEO John Wight said that the company now intends to focus on their core domestic insurance and investment advisory operations in Bermuda and the Caribbean.
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"We are pleased to have transitioned the business to Valor and we look forward to working with Louis and his team during this period to ensure that Bermuda International’s clients continue to receive the highest levels of service," remarked Wight.
Bermuda International Insurance Services is a segregated accounts life insurance carrier which provides a range of offerings including fixed account universal life, variable account universal life, and private placement life insurance.
Valor Group intends to continue the existing business lines of Bermuda International Insurance Service following the deal and commit additional resources for its growth.
Incoming CEO Louis Zuckerbraun commented, "Valor is pleased to assume responsibility for continuing to provide top-tier service to Bermuda International’s policyholders and to make the transition from BF&M to Valor as seamless as possible for Bermuda International clients.
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