Bermuda Life Insurance to acquire a 36.9% stake in BF&M from Camellia for $100m.

Bermuda Life Insurance, an insurance brokerage firm, agreed to acquire a 36.9% stake in BF&M, a pension and insurance services provider, from Camellia, a diversified holding company, for $100m. " Whilst completion of the transaction is not expected until Q4 2023 and therefore the exact use of proceeds may vary depending on circumstances between now and completion, the receipt of the funds realised by this sale, together with funds raised from the disposal of other non-core assets, will enable the Company to accelerate its development programme and continue to diversify its agricultural production by crop and geographic location. The Board considers Camellia's shares to be significantly undervalued and, in the event of any surplus funds arising, will also therefore consider the merit of returning these to shareholders by means of a share buy-back. The Company may, in the meantime, undertake a modest buyback exercise in accordance with the authority given at the Annual General Meeting," Camellia.