AGP Executive Report

Digital Finance: Premier David Burt is leading a Bermuda delegation at DC Fintech Week, meeting US regulators and digital-asset firms as the island seeks closer regulatory ties and wider use of digital assets in finance and reinsurance. Reinsurance: Chariot Re has completed its first transaction involving Japanese liabilities, covering about $1.6 billion in US-dollar life and annuity policies and extending its international portfolio. Catastrophe Risk: At an industry conference in Bermuda, model pioneer Karen Clark warned that catastrophe models can fall behind within two or three years, as changing risks and rising exposure reshape loss estimates. Investment Funds: The BMA plans to refine proposed sustainability disclosures and rules on fund names, aiming for clear, proportionate information for investors. Private Wealth: Bermuda will host its inaugural Family Office Retreat on October 16–17, bringing international family office leaders and advisers together to discuss cross-border wealth, succession and risk.

Tourism: Bermuda Tourism Authority chief Jan Hutton reported stronger visitor spending and hotel performance at the Caribbean tourism conference, with air and cruise satisfaction above 90 for a second year. The BTA sees scope to attract visitors year-round and build on renewed investment. Private Wealth: A family office retreat will bring wealthy families and advisers to The Loren on October 16–17 for discussions on succession, investment and cross-border risks. Reinsurance: Chariot Re completed its first Japanese-market deal, covering about $1.6 billion in life and annuity liabilities and expanding its international portfolio. Digital Assets: Premier David Burt is in Washington for talks with US financial regulators and digital asset firms, including discussions on using digital assets in Bermuda’s insurance and reinsurance sectors. ILS: SageSure has invested in Bermuda-based Pillar Capital Management, which will remain independent; the deal links Pillar’s $4 billion-plus platform with SageSure’s catastrophe reinsurance business. Bermuda’s Stock Exchange remains a leading ILS venue, with 169 new listings worth nearly $17.8 billion in the first nine months of 2026.

Digital Assets: Premier David Burt is in Washington for talks with US financial regulators and digital-asset firms, including the heads of the SEC and CFTC, as Bermuda explores wider use of digital assets in insurance and reinsurance and prepares legislation allowing the Government to hold and invest in them. Reinsurance: Bermudian reinsurer Chariot Re has entered Japan with a deal covering about $1.6 billion in life and annuity liabilities, its fourth transaction since launching last year. Wealth Management: Sun Life Private Wealth has appointed Georgina Howes CEO and country manager in Bermuda, strengthening its leadership as it expands services for wealthy families. Investment: US insurer SageSure has invested in Bermuda-based ILS manager Pillar Capital Management, which oversees more than $4 billion in institutional assets; Pillar will remain independent and retain its Bermuda team. Market Reach: The Bermuda Stock Exchange has listed 169 catastrophe-bond and ILS structures worth nearly $17.8 billion in the first nine months of 2026, holding almost 93 per cent of the global market. Commercial Property: Rising international business activity is driving demand for top-end office space and hotel rooms, according to local realtor Penny MacIntyre.

Financial Strength: Bermudian-based Verdant Rock received an A financial-strength rating from Morningstar DBRS, following its BBB+ rating from Fitch. Private Wealth: Sun Life named Georgina Howes CEO and country manager for Bermuda as it builds its high-net-worth business across Bermuda and Singapore. ILS: SageSure invested in Bermuda-based Pillar Capital Management, which will retain its team, strategy and independence. Pillar manages more than $4bn in institutional assets. The BSX listed 169 new catastrophe-bond and insurance-linked securities structures worth nearly $17.8bn in the first nine months of 2026, holding almost 93% of the market. Property and Housing: International business growth is driving demand for premium office space and hotel rooms. Work has also begun on the 24-unit Albert Row affordable housing project in Sandys, backed by $17m in financing and a Government guarantee. Insurance Industry: More than 750 delegates from 15 countries attended the BILTIR conference, with discussions spanning private credit, AI and Bermuda’s competitiveness as a reinsurance hub.

Housing: Work has begun on a $17 million Sandys development, part of a government programme to deliver 194 affordable homes across four sites, with financing from Bermuda Commercial Bank backed by a government guarantee. Insurance: SageSure has invested in Bermuda-based Pillar Capital Management, which oversees more than $4 billion; Pillar will retain its local team and operate independently. Commercial Property: Growing insurance and reinsurance businesses are driving demand for top-tier offices and hotel rooms, according to realtor Penny MacIntyre. Digital Services: Government is seeking suppliers for a public-private partnership to build and operate a digital identity platform for residents. Reinsurance: More than 750 delegates from 15 countries attended BILTIR’s conference, as the sector weighs private credit, AI and global capital flows. BILTIR says Bermuda’s blend of strict oversight and commercial appeal is helping attract life reinsurers. Finance: Bermuda-based Bitcoin life insurer Meanwhile raised $37.5 million to expand internationally, taking its total funding above $180 million. Wealth Management: Sun Life Private Wealth named Georgina Howes CEO and country manager for Bermuda. Data Security: A breach of Liechtenstein’s beneficial ownership register has renewed questions about safeguards for sensitive ownership records, as Bermuda clarifies access to its own register.

Insurance & Capital: SageSure has taken a strategic stake in Bermuda-based Pillar Capital Management, which oversees more than $4 billion in institutional assets. Pillar will remain independent, with its leadership and investment strategy unchanged. Bermuda-licensed Bitcoin life insurer Meanwhile raised $37.5 million, bringing total funding above $180 million, to expand internationally. Tourism: Visitor spending reached $204.6 million in the first half of 2026, up 7.9% year over year, while leisure visits rose about 12% through August. The Bermuda Tourism Authority also said the Fairmont Southampton is now expected to reopen in 2027. Business Development: Brava and BEDC will offer entrepreneurs and small businesses workshops, networking and cybersecurity programmes. Sustainability consultant Sustenance has also launched to advise reinsurers and other financial firms. Reinsurance: More than 750 industry leaders attended BILTIR’s Bermuda International Life & Annuity Conference, underscoring the island’s role in the global long-term insurance market.

Insurance: Bermuda-based bitcoin life insurer Meanwhile raised $37.5 million, bringing its funding past $180 million as it expands policies for wealthy clients overseas. Tourism: Visitor spending and hotel performance are improving: air visitor spending reached $204.6 million in the first half, up 7.9% year over year, while leisure visits rose about 12%. The Fairmont Southampton’s full reopening is now expected in 2027. Investment: Mid Ocean Club shareholders backed major golf-course restoration and clubhouse renovations, with 61% of shares represented voting in favour. Business growth: BEDC and Brava are teaming up on workshops, networking and cybersecurity support for small businesses. A November summit will also connect local entrepreneurs with investors and fundraising expertise. Economy: Bermuda’s funds sector reported net assets of $342 billion, while the Government projected a $170 million surplus.

Tourism: Leisure visits rose about 12% from January to August, while air-visitor spending reached $204.6 million, up 7.9% year over year. The Bermuda Tourism Authority also said the Fairmont Southampton is now expected to reopen in 2027. Insurance: Bermuda-based bitcoin life insurer Meanwhile raised $37.5 million to expand internationally, taking its total funding above $180 million; it has signed 15 brokers serving high-net-worth clients. Business Growth: Brava and BEDC are teaming up on workshops, networking and other support for entrepreneurs and small businesses. A separate November summit will connect founders with investors and offer fundraising advice. Financial Sector: Assets in Bermuda funds climbed to $342 billion, while Clarien acquired NCB’s Cayman business. The Government has projected a $170 million surplus, as the Premier described the economy as strong.

Insurance & Finance: Bermuda-based Meanwhile raised $37.5 million to expand its Bitcoin-denominated life policies internationally, adding to more than $180 million in funding and a network of 15 brokers serving wealthy clients. Clarien also acquired NCB’s Cayman business, extending its regional reach. Tourism: Visitor spending is rising, with leisure visits up about 12% and first-half air visitor spending reaching $204.6 million, up 7.9%. But the Fairmont Southampton is now expected to reopen in 2027. Small Business: Brava and BEDC are launching workshops and networking for entrepreneurs, while a November summit will connect Bermudian founders with potential investors. Business Climate: A new consultancy will help financial firms build sustainability into strategy and risk management. Bermuda’s long-term insurance sector also drew more than 750 delegates to its annual conference. Public Finances: The Government has projected a $170 million surplus as the outgoing Finance Minister says the economy is on a strong footing.

Insurance & Investment: Bermuda-based bitcoin life insurer Meanwhile raised $37.5 million, taking total funding above $180 million as it expands internationally. It has signed 15 brokers serving high-net-worth clients in markets including Switzerland, Singapore, Hong Kong and the UAE. Tourism: Visitor spending and leisure travel are rising, with air visitor spending reaching $204.6 million in the first half of 2026, up 7.9% year over year. The Bermuda Tourism Authority also said the Fairmont Southampton is now expected to reopen in 2027. Business Growth: Brava and BEDC are partnering to offer entrepreneurs workshops, networking and practical support, while a November summit will connect founders with investors and fundraising advice. Cost of Living: Government and the Chamber of Commerce disagree over proposed price-transparency rules, with the Chamber arguing the measures offer little relief and burden businesses. Financial Outlook: Bermuda’s funds’ net assets have climbed to $342 billion, while the Government has projected a $170 million surplus. Sustainability: Bermudian Venetia Furbert has launched Sustenance, a consultancy helping insurers and other financial institutions build sustainability into strategy and risk planning.

Tourism: Visitor spending and hotel performance are strengthening: leisure visits rose about 12% from January to August, while air visitor spending reached $204.6 million in the first half, up 7.9% year over year. Regional Banking: Clarien acquired NCB Cayman, expanding its private banking and wealth management business across the Caribbean. Insurance & Finance: Bermuda-based Meanwhile raised $37.5 million to grow its Bitcoin life insurance business internationally; Verdant Rock also secured an A (low) financial strength rating from Morningstar DBRS. Small Business: Brava and BEDC are teaming up on workshops, networking and cybersecurity support, while a November summit will connect entrepreneurs with investors and fundraising advice. Cost of Living: Government and the Chamber of Commerce disagree over proposed price-transparency rules, with the Chamber warning the measures could burden businesses for limited consumer benefit. Sustainability: Venetia Furbert launched Sustenance, a consultancy helping financial firms put sustainability into business strategy and risk management.

Cost of Living: Government’s proposed price-transparency rules have drawn pushback from the Chamber, which says consumer benefits may be small while burdens fall disproportionately on business. Regional Finance: Clarien is acquiring NCB Cayman to expand its wealth-management reach, while Bermuda-based bitcoin insurer Meanwhile raised $37.5 million from existing investors amid rising overseas demand. Economic Outlook: Government projects a $170 million surplus, and net assets in Bermuda funds have risen to $342 billion. Business Leadership: Expertise Group has named Claudia Philipsz-Jones CEO, effective January 1, succeeding founder Douglas Soares. Tourism: BermudAir is adding Fort Lauderdale flights to Belize and Turks & Caicos and shifting its Orlando service to Sanford, with introductory fares on offer. Financial Integrity: Bermuda is preparing for its CFATF fifth-round evaluation, with an on-site visit scheduled for April 2027.

Air Links: BermudAir is adding nonstop routes from Fort Lauderdale to Belize and Turks & Caicos, plus Orlando Sanford–Bermuda service, with introductory fares from $99. Housing and Planning: Government is consulting on a new General Development Order that could make it easier to add homes to existing buildings and streamline small projects. Bermuda recorded an average of 79 new homes a year over the past decade, below demand. Tourism: Tourism Minister Owen Darrell joined regional talks in Guyana on sustainable, inclusive tourism, while Hamilton Princess ranked second among Atlantic Islands resorts in Condé Nast Traveler’s awards. Financial Services: Bermuda-based Awbury has begun underwriting in Japan, and net assets in Bermuda funds have risen to $342 billion. Fitch upgraded Beazley’s insurer rating to AA following Zurich’s acquisition. Business and Markets: Bermuda College enrolment rose 4.1% to 616 students, its third annual increase. On the BSX, Watlington Waterworks was the only company to trade on October 7; LOM Financial also reported buying back 5,000 shares in September.

Housing: Senators approved transferring land at Morgan’s Point for 110 affordable homes, as the Government says nearly 600 people are seeking housing. Education: Bermuda College enrolment rose for a third straight year, reaching 616 students, up 4.1% from 2025. Insurance: Fitch upgraded Beazley’s financial strength rating to AA following Zurich’s takeover. Bermuda-based Awbury has also begun underwriting in Japan, while Pacific Life Re entered the US longevity market with a $3bn deal. Markets: Bermuda’s property insurance capacity has reached a record $2.8bn, WTW reports. Net assets in Bermuda funds rose to $342bn, and the Government projects a $170m surplus as the finance minister prepares to leave office. Tourism: Hamilton Princess ranked second among Atlantic Islands resorts in Condé Nast Traveler’s 2026 awards.

Insurance Market: Bermuda is heading into 2027 with record property insurance capacity of more than $2.8 billion, as new carriers intensify competition, WTW says. Bermudian-based Pacific Life Re has also entered the US longevity market with a $3 billion pension-risk deal. Financial Oversight: The BMA warned that Custody Life Bermuda falsely claims to be licensed; the company is not registered to conduct insurance business in Bermuda. Public Finances: Government projects a $170 million surplus, while Bermuda’s fund net assets have risen to $342 billion. Business Growth: BEDC has welcomed 13 businesses into its incubator, offering mentorship, workspace and professional support.**

Aviation Tragedy: Bermuda-linked air ambulance Gulfstream G100 vanished on a Bermuda-to-Boston mission off Nantucket; Latitude identified four crew (including captain Phillip Childerhose and first officer Thomas Farquhar) and Bermuda Police named Marilyn Lavonne Bean and Sergio Wayne Lottimore as passengers, while the US Coast Guard suspended the search after a debris field was found. BMA Enforcement: The Bermuda Monetary Authority warned the public that Custody Life Bermuda Ltd (custodylife.com) is not licensed or registered, after the site falsely claimed a BMA “life-insurance charter” and Class IILT digital insurer status. Insurance & Markets: Pacific Life Re entered the US longevity reinsurance market with a $3bn pension risk transfer deal; Bermuda Stock Exchange trading saw the Royal Gazette/BSX Index rise, with Watlington Waterworks the top mover. Digital Identity & Biometric Tech: Bermuda is preparing for a digital ID framework via a supplier qualification process; separately, the UK is adding open banking to GOV.UK One Login, and US agencies continue expanding biometric identity checks. Local Business & Economy: Brookfield’s Ninety One office building is 90% leased; Bermuda’s BEDC welcomed 13 firms into its Enterprise Bermuda Incubator cohort; Bermuda Elevator Systems rebrands as Elevity. Community & Culture: “Atlantic Voices” opens at Masterworks/Black Pony Gallery with six artists across the Atlantic corridor.