AGP Executive Report

Education & Scholarships: Minister Diallo Rabain told the House that 100 of nearly 500 applicants won Government’s 2026 Scholarships and Awards, with total annual support now about $2.15m plus $450k for the College Promise Programme ($2.6m), including up to $35,000 a year for Bermuda Government Scholarships and overseas awards up to $25,000. Re/insurance Leadership: Conduit Holdings will appoint Christian Dunleavy as CEO on March 1, 2027, as he joins the board as an executive director; Vantage Group named Yves Charbonneau Chief Risk Officer, succeeding Krista Robinson. Market & Capacity Moves: Cedar Trace obtained in-principle Lloyd’s approval for a new $300m syndicate for the 2027 underwriting year; HDI Global UK & Ireland received approval in principle to establish a new Lloyd’s syndicate. Premier’s International Focus: Premier David Burt marked 10 years of Bermuda’s EU Solvency II regulatory equivalence in Brussels and wrapped Europe engagements with regulators and business leaders. Regional Diplomacy: Bermuda will host Caribbean Overseas Territories premiers for a caucus in Hamilton this week, with leaders from Anguilla, BVI, Cayman, Montserrat and Turks & Caicos attending. Local Business & Services: Digicel Bermuda says it aims to finish replacing its copper network with fibre by end-December, while a BermudAir customer renewed calls for baggage scanning after a missing suitcase wasn’t tracked. Community & People: PROVEN Bank appointed Sonja M. Salmon as President and CEO; Carol Clarke was remembered for decades of senior-focused charity work.

Reinsurance Market Watch: Fitch says global reinsurance capital remains strong but supply is outpacing demand, pushing 2027 pricing softer and terms slightly looser—while returns on average equity should stay in the low-teens if reinsurers keep underwriting discipline and capital stays selective. Bermuda Deals & Appointments: Compre agreed a retrospective structured adverse development cover with a Lloyd’s syndicate covering about £200m of reserves, and Aspida Re named Brian Lewis CFO to oversee finance, capital and regulatory reporting. Banking Credit Risk: KBRA put Butterfield Bank’s long-term ratings on “watch downgrade” if its $1.8bn CIBC Caribbean acquisition closes, citing balance-sheet and commercial real estate exposure. Labour Day Focus: Bermuda’s labour leaders used Labour Day messages to stress workers’ role in the economy, cost-of-living and price transparency, and the need for unity across culture and diversity. Local Governance & Privacy Law: A Registration (Births and Deaths) Amendment Act 2026 bill targets identity theft risks from birth records while preserving legitimate access. Regional Business Diplomacy: Premier David Burt wrapped Europe engagements in Brussels and Paris on Solvency II equivalence and the global regulatory environment. Caribbean Leadership Visit: Bermuda will host an Overseas Territories Caribbean Caucus with regional premiers in Hamilton Sept 8–12.

Banking & Ratings: KBRA put Butterfield Bank’s long-term ratings on a “watch downgrade” path, saying a planned $1.8bn acquisition of CIBC Caribbean could trigger a one-notch cut if it closes. Reinsurance Dealmaking: Compre agreed a £200m ($270m) retrospective reinsurance cover with a Lloyd’s syndicate to manage adverse development and earnings volatility. CFO Appointments: Aspida Re named Brian Lewis as CFO, adding a finance transformation and Bermuda reinsurance background to its Hamilton-based leadership. Insurance Market Moves: Howden Re launched Novark, a tech platform aimed at giving institutional investors near real-time access to insurance risk data. Lloyd’s Expansion: Cedar Trace received Lloyd’s Council in-principle approval for a new $300m syndicate for 2027, extending its Bermuda platform into the Lloyd’s market. Policy & Governance: Jason Hayward tabled the Registration (Births and Deaths) Amendment Act 2026 to reduce identity theft risk from birth records, while MPs also heard about limits on marriage-fraud investigations after court rulings. Labour Day Messages: Bermuda’s political leaders used the holiday to stress workers’ role in the economy and social cohesion, with calls for solidarity and a fairer standard of living. Business Briefs: Gold Reserve announced a share buyback plan up to 5% as it pursues Venezuela-related recovery efforts. Markets: Bermuda Stock Exchange trading was thin, with Butterfield the only active stock on Sept 4.

Labour Day & cost-of-living agenda: Premier David Burt used his Labour Day message to press for workers’ rights to a decent standard of living, calling out price transparency and fair competition as the next battleground. Identity & civil records: Jason Hayward tabled the Registration (Births and Deaths) Amendment Act 2026 to curb identity theft risks from widely available certified birth records, while keeping legitimate access intact. Immigration integrity: Bermuda also moved to tighten border controls tied to sham-marriage concerns and entry rules, with policy changes aimed at protecting jobs in entry-level insurance and reinsurance roles. Reinsurance ratings & leadership moves: AM Best affirmed Axis Capital’s strong ratings with a stable outlook, while Aspida Life Re appointed Brian Lewis as CFO; Conduit Re added senior property underwriting leadership from PartnerRe. Market signals: Gold Reserve announced a normal course share buyback as it pursues recovery efforts tied to Venezuela. Business community support: BEDC backed the Lumina Festival Financial Literacy Summit with nearly $10,000, including subsidised tickets for entrepreneurs and students. Shipping: Marine & Ports Services published the Sept 5–11 weekly arrivals schedule.

Corporate Finance: Gold Reserve, Bermudian-domiciled, kicks off a normal course issuer bid to buy back up to 7.39m shares (5%) over a year, using existing working capital as it pursues recovery efforts tied to Venezuela. Reinsurance & Capital Markets: Cedar Trace wins Lloyd’s Council in-principle approval for a new $300m syndicate for 2027, expanding its Bermuda platform into Lloyd’s via Asta managing agency. Market & Regulation: Bermuda tables an amendment to reduce identity theft risk from birth records by tightening access to certified copies, while keeping public inspection and historical access rules. Immigration & Labour: Government outlines tougher border measures, including multi-re-entry visa requirements for St Lucians and updated immigration orders, with a stated aim of protecting entry-level insurance and reinsurance roles for Bermudians. Housing Policy: A consultation paper is expected soon on bringing derelict buildings back to use, balancing housing gains with property rights and fair land acquisition. Business Development: BEDC backs this month’s Lumina Festival Financial Literacy Summit with nearly $10,000, including subsidised tickets for entrepreneurs and students. BSX Update: On Sept 4, only Butterfield traded—shares fell 2%—and the BSX index closed down 1.8%. Reinsurance Ratings: AM Best affirms AXIS Capital’s strong ratings with a stable outlook, citing balance sheet strength and risk management. Appointments: Conduit Re strengthens property leadership with three senior hires from PartnerRe. Aviation: BermudAir marks its third anniversary with a 30% fare discount promo running Sept 3–5.

Immigration & Labour: Bermuda tables new border measures for St. Lucians, including multi-re-entry visa requirements, alongside tighter immigration vetting aimed at protecting Bermudian entry-level insurance and reinsurance roles. Identity & Records: A legislative amendment is set to reduce identity theft risk by limiting unrestricted public access to certified birth records, while keeping lawful inspection available. Housing Strategy: Government outlines a push to expand the housing stock through rehabilitation and repurposing, with work progressing on multiple affordable and refurbished projects and a forthcoming consultation on derelict buildings. Sham Marriages Crackdown: MPs hear the policy framework to define sham marriages and enable refusals, cancellations or revocations of immigration-related benefits where a sham is established. Re/Insurance Ratings & Claims: AM Best affirms AXIS Capital and AVLA Re/AVLA Perú ratings; BMA data shows Bermuda re/insurers incurred $1.34tn in global gross claims costs over a decade. Market & Deals: Butterfield shares slide on the BSX; EQT agrees to buy McGill and Partners in a $2bn deal, while Conduit Re appoints senior property underwriting leaders. Financial Literacy & Business Support: BEDC backs the Lumina Festival Financial Literacy Summit with subsidised tickets for entrepreneurs and students. Cat Bonds on-Chain: Harneys and droppRWA plan the first catastrophe bond with on-chain legal title, targeted for early 2027. Labour Day Focus: Multiple opinion pieces mark Labour Day by spotlighting the dignity of work and workers’ rights.

Labour Day & work culture: Bermuda marked Labour Day with fresh commentary on the dignity of honest labour and the need for fair, equitable workplaces as the island heads into a new season of change. Border integrity & jobs: Economy and Labour Minister Jason Hayward outlined updates to strengthen Bermuda’s immigration system, including a multi-re-entry visa requirement for St Lucians and measures aimed at protecting entry-level insurance and reinsurance roles for Bermudians. Identity theft safeguards: An amendment was tabled to reduce identity theft risk tied to unrestricted access to certified birth records, while keeping public inspection and historical access in place. Sham marriages crackdown: MPs heard that courts previously limited marriage-fraud investigations, but a new policy framework is set to define sham marriages and allow referrals for assessment and potential action. Housing rehabilitation: The Government is preparing a consultation on bringing derelict buildings back to productive use, alongside ongoing rehabilitation and repurposing projects to expand housing stock. Re/insurance market moves: AM Best affirmed AXIS Capital’s ratings; it also affirmed AVLA Re and AVLA Perú. Conduit Re added senior property underwriting leadership, while industry analysts warned reinsurers may be nearing a “breaking point” on rates ahead of Monte Carlo. Business & finance: Butterfield shares fell on the BSX after trading was limited to one stock; BEDC backed the Lumina financial literacy summit with subsidised tickets for entrepreneurs and students. Tech & ILS innovation: Harneys and droppRWA plan on-chain legal title for catastrophe bonds, targeting early 2027. Transport & safety: Bermuda’s e-bike debate continues, with renewed legal warnings about rider risk and road safety as lawmakers prepare to return.

Immigration & Border Integrity: Economy and Labour Minister Jason Hayward says Bermuda will update the Bermuda Immigration and Protection (Prohibition of Entry) Order, requiring St. Lucians to get multi-entry visas from the US, UK or Canada, while also tightening security vetting and protecting entry-level insurance and reinsurance roles for Bermudians. Identity & Fraud Controls: An amendment is tabled to reduce identity theft risk by limiting unrestricted public availability of certified birth records, while keeping inspection access and releasing historical records after set periods. Sham Marriage Crackdown: MPs are set to hear policy changes to tackle “sham marriages”; Hayward says Bermuda lacks a clear definition and investigation authority now, but a new framework would let registrars refer cases for immigration assessment and potential refusal, cancellation or revocation of benefits. Reinsurance & Capital Markets: EQT is buying a majority stake in Bermuda-based McGill and Partners in a $2bn deal; Conduit Re appoints three senior property underwriters from PartnerRe; and AM Best affirmed AVLA Re Ltd. and AVLA Perú with stable outlooks. Business & Community: BEDC backs this month’s Lumina Festival Financial Literacy Summit with nearly $10,000, including subsidised tickets for entrepreneurs and students. Housing Pipeline: The government says it’s advancing derelict-building rehabilitation and repurposing plans to expand Bermuda’s housing stock, balancing opportunity with property rights. BSX Update: Butterfield shares fell 2% on the BSX, with the index down 1.8% as it remained the only traded stock.

Reinsurance Rates & Capital Decisions: Ahead of Monte Carlo’s Rendez-Vous, analysts say property-cat pricing has softened and reinsurers are nearing a “breaking point” on how far they’ll let rates fall before walking away. Catastrophe Market Tech: Harneys and droppRWA plan the first catastrophe bond with on-chain legal title, targeting early 2027 and aiming to fix the ownership-record gap in Bermuda’s ILS ecosystem. Life Reinsurance Boom: Morningstar DBRS puts Bermuda’s life/annuity sidecar market at about $375bn in assumed liabilities, up sharply since 2021, as sidecars keep expanding beyond property-cat. Company Moves in Bermuda Re/Insurance: Aspida appoints Brian Lewis as CFO of Aspida Life Re; Conduit Re adds senior property hires; Chariot Re closes a $700m raise to expand life/annuity underwriting capacity. Local Labour & Business Continuity: The Bermuda Industrial Union says BGA/Phoenix will defer a payroll system change that could have left workers short, after talks following strike concerns. Immigration Integrity: Minister Jason Hayward says Bermuda lacks a sham-marriage definition and investigation authority, but a new policy framework will allow referrals and potential refusal or revocation of immigration benefits. Road Safety & E-bikes: A lawyer warns riders face serious consequences as e-bike speeds rise; MPs are set to debate clearer rules as the House returns. Housing Strategy: The Government outlines rehabilitation and repurposing plans to expand Bermuda’s housing stock, including progress at Chelsea, 18 Battery Road and Harmony. Education Funding: Minister Diallo Rabain reports 2026 scholarships and awards support totalling about $2.6m, plus the College Promise Program. Aviation Deal: BermudAir marks its third anniversary with a 30% fare discount for travel later this year. Markets: Bermuda Stock Exchange trading updates show Butterfield up and the BSX higher on Sept 3.

ILS innovation: Harneys and droppRWA say they will bring on-chain legal title to Bermuda’s $142B insurance-linked securities market, aiming for the first catastrophe bond with tokenised title by Q1 2027. Reinsurance pricing: AM Best reports risk-adjusted prices fell across most reinsurance classes in H1 2026, with pressure strongest in US property catastrophe—still “adequate” for Bermuda-focused players. Life reinsurance growth: Morningstar DBRS estimates Bermuda’s life and annuity reinsurance sidecar market has quadrupled in four years to about $375B in assumed liabilities. Capital raises: Chariot Re has closed an oversubscribed $700m equity and debt raise to expand its life and annuity reinsurance capacity. Local policy: Economy and Labour Minister Jason Hayward says Bermuda lacks a clear framework to define and investigate sham marriages, and proposes giving the registrar referral powers to immigration. Cost of living: Government says legislation is needed to track how prices move from docks to shelves, while the Chamber argues the approach is too coercive. AFC captive: Africa Finance Corporation forms AFC Captive Insurance Company in Bermuda to insure its infrastructure loan risk and reduce reliance on external markets. Aviation: BermudAir marks its third anniversary with a 30% fare discount and new growth moves, including its own ground-handling operations.

Aviation & Tourism: BermudAir marks its third anniversary with a 30% discount on published base fares (promo code BIRTHDAY3) and reports a 77.1% passenger load factor in August, plus new ground-handling operations in Bermuda. Premier’s Diplomacy: Premier David Burt holds meetings in Brussels and Paris with EU officials and financial regulators, including discussions on Solvency II, securitisation and international tax developments, ahead of the ABIR International Insurance Dialogue. Reinsurance Capital & Talent: Chariot Re closes an oversubscribed $700m equity and debt raise to expand life and annuity underwriting capacity; Aspida appoints Brian Lewis as CFO of Aspida Re; Fidelis adds Helen Wilson as Bermuda-based chief underwriting officer (pending immigration) and Sarah Ching as senior underwriter. Market Snapshot: ABIR data shows Bermuda non-life re/insurers’ gross premiums hit an all-time high near $198bn in 2025, while S&P and AM Best flag resilience but expect profitability pressure as rates soften. Healthcare Capacity: Government will convert Channel House in St David’s into a transitional care facility with about 60 beds to ease pressure on acute services and improve patient flow. Cost of Living & Prices: The Government says a price-comparison tool and retailer data are key to tackling essential-goods pricing, as lawmakers debate how and when ministers can intervene. Local Business & Skills: Aircare recognises HVAC apprentice Miguel Falcao; education reform commentary argues reforms must keep students’ learning outcomes front and centre. BSX Update: Butterfield edges up on the Bermuda Stock Exchange as volume remains light.

Aviation & Tourism: BermudAir marks its third anniversary and is expanding routes with new nonstop service from Newark to South Caicos starting Dec. 20 (fares from $347), alongside broader winter growth. Energy Policy: Opposition questions whether Bermuda’s Integrated Resource Plan timeline is slipping after the Government paused the plan for up to 18 months, with Belco and the Regulatory Authority challenging the decision. Reinsurance & Finance: Chariot Re closes an oversubscribed ~$700m third capital raise to scale its life and annuity reinsurance platform; ABIR reports Bermuda’s reinsurance market hit a record $197.5bn in 2025 premiums and revenues. Corporate Moves: Aegon seeks shareholder approval to redomicile from Bermuda to Delaware, aiming to complete by 2028. Local Business & Markets: Butterfield shares edge up on BSX; Watlington Waterworks declares a 30c dividend. Healthcare Capacity: Channel House in St David’s will be converted into a transitional care facility with about 60 beds to ease pressure on Bermuda Hospitals Board. Public Safety: Air traffic restrictions are set over WER Joell Tennis Stadium during the Davis Cup, limiting drones and other non-participating aircraft. Community & Environment: Bermuda Zoological Society awards Steinhoff scholarships to future environmental science stewards; BCHC opens registration for autumn fundraisers including the Allshores Breast Cancer Awareness Walk and Movember Bermuda. Insurance Ratings: AM Best affirms stable ratings for National General Insurance Ltd. (Bermuda) and other Allstate-related entities.

Healthcare & Housing: The Government will convert Channel House in St David’s into a transitional healthcare facility with 60 beds, aimed at easing Bermuda Hospitals Board space pressures by providing short-term care and rehabilitation for patients medically fit for discharge. Aviation & Travel: BermudAir marks its third anniversary, reporting a 77.1% passenger load factor in August and rolling out its own ground-handling operations at LF Wade, alongside discounted fares. Reinsurance & Capital Markets: ABIR says Bermuda’s global reinsurance market hit a record $197.5bn in 2025 gross premiums and revenues; meanwhile, AM Best and S&P both point to profitability resilience but expect underwriting pressure as premium growth slows and rates soften. Life & Annuity Reinsurance Funding: Chariot Re has closed an oversubscribed ~$700m third capital raise (equity and debt) to expand its life and annuity reinsurance capacity. Digital Assets & Market Infrastructure: HashKey joins DTCC’s digital assets working group, while Coinbase’s derivatives open interest is overwhelmingly concentrated at Deribit ahead of a scheduled venue migration. Cost of Living Policy: Minister Alexa Lightbourne defends the Cost of Living Commission Amendment (No.2) Bill, arguing it will improve price transparency and check whether duty relief reaches shelf prices. Insurance Expansion: AFC sets up a Bermudian captive, AFC Captive Insurance Company, to insure AFC loan risk and reduce reliance on external commercial coverage.

Tourism & Education: Bermuda’s inaugural Tourism Youth Speech Competition is down to three finalists—Simari-Lee (Bermuda Institute), Christopher Madeiros (Saltus Grammar School) and Princess Mitch Dioko (CedarBridge Academy)—with the winner set to represent the island in Guyana. Local Governance & Cost of Living: Government ministers defended the Cost of Living Commission Amendment (No 2) Bill 2026 as “fairness and transparency,” while the Bermuda Chamber says it supports easing costs but opposes the bill, warning of a “trust deficit” and urging credible, readable price reporting. Insurance & Finance: Africa Finance Corporation created a Bermuda captive, AFC Captive Insurance Company, to back infrastructure loan risk; Moody’s also upgraded Africa Specialty Risks to A3. IGI launched Bermuda-based cyber treaty MGA Cipher Underwriting, led by Ari Chatterjee, and Marsh Re rebranded Guy Carpenter’s Bermuda presence. Digital Assets: Luno secured a Bermuda Class F Digital Asset Business licence to expand institutional and B2B crypto services beyond its core regions, and 24X completed its first spot crypto trade on its institutional platform. Business & Markets: Butterfield shares edged up on BSX trading; NCB Financial completed the sale of NCB Cayman to Clarien Bank. Labour & Community: A wholesale firm’s payroll change has staff considering a staged strike, and Labour Day celebrations run Sept 7 in Union Square. Local Economy: KFC’s school video contest awarded cash prizes to MSA and CedarBridge students, while parish councils announced multiple higher-education scholarships.

Cyber & Specialty Reinsurance: IGI has launched Bermuda-based Cipher Underwriting, a cyber-focused treaty reinsurance MGA led by Ari Chatterjee, with operations pending BMA approvals. Insurance Leadership: Vantage Group named Tim Nunziata head of cyber insurance and global product strategy, as it continues building its cyber portfolio. Digital Assets Regulation: Luno secured a Class F Digital Asset Business licence from the BMA to expand institutional and B2B crypto services beyond its core Africa and Asia-Pacific markets. Cost of Living Policy: Government defended its Cost of Living Commission Amendment (No 2) Bill, arguing it brings “fairness and transparency” on supply-chain costs, while the Bermuda Chamber says the bill risks misfiring and calls for “credibility, not compulsion.” Labour & Cashflow: Wholesale employees at BDC2000 are considering a strike after a payroll change would shift pay to arrears, potentially leaving staff short for weeks. Governance & Finance Scrutiny: A trustee has pledged to investigate complaints about how $20m for a Bahamian education trust was used to finance Bermuda’s Carmichael Village affordable housing project. Re/Insurance Market Snapshot: AM Best says US and Bermuda reinsurers notched a fifth straight year of underwriting profitability despite a softer market, and ABIR reports Bermuda gross premiums hit a record $197.5bn in 2025. Local Business & Community: The Government is seeking a contractor to paint Gibbs’ Hill Lighthouse, and Snowy’s reopened at 33 Cedar Avenue after relocating from Wesley Square.

Bermuda Re/Insurance Performance: The Bermuda Monetary Authority says Bermuda commercial (re)insurers incurred US$1.34 trillion in gross claims costs globally over 2016-2025, with the US accounting for 62% and 2025 alone representing about 19% of the decade total. Industry Capital & Underwriting: ABIR reports Bermuda’s 2025 gross premiums hit an all-time high of $197.5bn, up 4.6% year-on-year, with four Bermuda reinsurers in AM Best’s top 10; AM Best also flags a fifth straight year of underwriting profitability for a US/Bermuda reinsurer composite despite softer premium growth. Regulatory & Policy Moves: The BMA consults on AI guidance for Bermuda’s financial services, stressing existing rules should cover AI use based on risk and materiality, while it has dropped plans for a standalone digital-ID licensing regime due to limited evidence of a sustainable local market. Premier’s Europe Focus: Premier David Burt heads to Brussels and Paris for meetings tied to ABIR’s insurance regulatory dialogue and discussions on EU cooperation and market access. Corporate & Finance: Aegon published the agenda for its Oct 8 EGM seeking shareholder approval for redomiciliation to the US. Local Business & Community: AFC sets up a Bermudian captive to insure its infrastructure loan risks; Auto Solutions breaks ground on a new showroom; and Bermuda’s PHC Foundation awards $31,000 in scholarships to seven students.