AGP Executive Report

Energy & Markets: A tanker attack in the Strait of Hormuz is whipsawing crude prices, feeding through to fuel costs; in New Jersey, regular gasoline averaged about $4.05 a gallon on Aug. 28, with Bermuda’s reinsurance-linked energy exposure a reminder of how fast global shocks can hit local economics. Public Finance & Labour: Unions have launched a Supreme Court challenge to pension legislation, arguing the Public Service Superannuation (PSSF Stabilisation) Amendment Act 2025 unlawfully reduces officers’ retirement outcomes. Housing & Planning: Bermuda Housing Corporation is appealing a Development Applications Board decision after a plan to change Bermudiana Beach Residences land use was rejected over density and parking; the appeal cites leasing adjacent land to add more spaces. Sports Infrastructure: The National Sports Centre is pausing international hosting for structural repairs to Flora Duffy Stadium’s grandstand roof, affecting October Nations League fixtures. Business & Compliance: Bermuda Police issued a fresh reminder to liquor-licensed premises and the public about strict rules on serving alcohol to minors. Capital Markets: BSX reports show modest trading and a Labour Day closure on Sept. 7, reopening Sept. 8. Corporate Moves: Auto Solutions broke ground on a 12,000 sq ft, two-storey showroom for Hyundai, Suzuki and Honda, aiming to add jobs and a more tech-driven customer experience. Reinsurance Spotlight: AM Best’s ranking highlights four Bermuda-based reinsurers among the world’s largest, with Everest leading the island contingent by premium volume. Shipping: The weekly Marine & Ports Services schedule lists cruise and container arrivals starting Aug. 29.

Auto Retail Investment: Auto Solutions broke ground on a new 12,000 sq ft, two-storey showroom in St John’s Road for Hyundai, Suzuki and Honda, targeting a 14-month build and up to 21 vehicles, with interactive digital screens and plans to grow its team alongside the expanded site. Alcohol Compliance: The Bermuda Police Service issued a reminder to liquor-licensed premises and the public on the Liquor Licence Act rules around serving alcohol to minors, including ID checks and offences for both staff and anyone enabling underage access. Reinsurance Scale-Up: INTX Insurance Software said it is expanding the INTX (Re)Insurance Operating System within Xitus Re as Xitus grows its P&C runoff portfolios, aiming to keep administration, claims, financial operations and reporting on a single operating foundation. Bermuda in Global Reinsurance: AM Best’s ranking highlighted four Bermudian groups among the world’s largest reinsurers—Everest, RenaissanceRe, Arch and PartnerRe—while noting 15 Bermudian-domiciled or Bermuda-based groups in the top 50. Local Business & Community: Polaris Holding Company awarded two $2,500 education scholarships to staff children, and the Mirrors Programme launched Cohort 21 of its leadership academy with a youth-led school mental wellness campaign. Government Notices: Today’s official notices include acting judicial appointments.

Cost of Living & Food Imports: The Affordable Bermuda Basket has wrapped up, but Home Affairs Minister Alexa Lightbourne says the government will still “review longstanding restrictions” on essentials like milk imports, as MPs push affordability and also debate local dairy impacts. Reinsurance Rankings: AM Best’s latest top reinsurers list spotlights Bermuda’s dominance, with Everest Re (4th) leading the island’s four biggest groups and 15 Bermudian-domiciled or based players in the global top 50. BMA Oversight: The BMA has taken a first step toward a bank-failure regime, while also consulting on responsible AI use in financial services, with comments due Oct. 30. Local Business & Compliance: Police warned liquor-licensed businesses and the public about offences tied to serving alcohol to minors, including strict ID checks under the Liquor Licence Act. Finance & Markets: Interpath appointed Vicky Zheng as Managing Director in Hong Kong to strengthen deal advisory; INTX expanded its INTX (Re) platform deployment within Xitus Re; and Paratus Energy reported Q2 results plus a $0.22 per-share cash dividend. Community & Talent: Polaris awarded $2,500 scholarships to two staff children, and the Mirrors Programme launched Cohort 21 to drive youth-led mental wellness campaigns in Bermuda schools. Governance & Contracts: A Supreme Court ruling quashed a government postal deal with a US firm over procurement process concerns, with a 90-day stay to allow a new process.

Cruise & Tourism: Philadelphia officially opened its new $66m Norwegian Cruise Line terminal at PhilaPort, with Norwegian Jewel now homeported for Bermuda sailings and Norwegian Pearl set to follow—an expansion expected to add thousands of jobs and hundreds of millions in local economic output, with community donations announced alongside the ribbon-cutting. Insurance & Regulation: The Bermuda Monetary Authority is moving to become the resolution authority for failing banks, deposit companies and credit unions, aiming to protect depositors and limit financial-system damage while a full resolution regime is still years away. Reinsurance Market: AM Best says Bermuda is gaining share in offshore life and annuity reinsurance as retirement-product demand and capital/risk management needs rise, while also flagging recoverability and collateralisation risks offshore. Local Governance & Housing: A government affordable housing advisory committee says it scrutinised pricing from multiple firms, but questions remain around sole-source-style contracting and value-for-money in the delivery of new units. Courts & Procurement: Bermuda’s Supreme Court quashed a government postal deal with a US courier over procurement process failures, pausing disruption while a proper process is run. Wealth & Appointments: White Mountains Insurance Group elected Stephen Klar to its board, and Carey Olsen promoted Laura Kearns to partner in Bermuda trusts and private wealth. Education & Community: Polaris awarded $2,500 scholarships to two staff children, while the Mirrors Programme launched Cohort 21’s youth-led Positivity Project to support mental wellness in schools.

BMA Bank-Failure Regime: The Bermuda Monetary Authority is consulting on legal changes to formally recognise its role as resolution authority for failing banks, deposit companies and credit unions, aiming to protect depositors and financial stability while noting a full regime will take years. Affordable Housing Contracts: A housing advisory committee says it scrutinised pricing from 16 firms before awarding sole-source precast contracts to two foreign companies, as questions continue over value for money and procurement. Offshore Life Reinsurance Momentum: AM Best says Bermuda is strengthening its position in offshore life and annuity reinsurance, driven by retirement demand and capital efficiency—while warning that offshore recoverability and collateralisation can raise risk. Sun Life–Wilton Re Partnership: Wilton Re and Sun Life are forming Windsor Life Re, a US- and Bermuda-domiciled reinsurer, using about $900m of capital and initially reinsuring roughly $1.7bn of in-force business. Wealth & Funds Market: A look at Bermuda’s private-market liquidity challenges highlights continuation vehicles as exits dry up, with Professional Closed Funds NAV rising while vehicle counts fall. BSX Update: Bermuda Stock Exchange trading on Aug 26 totalled 6,150 shares valued at about $171k, with Butterfield flat and Allshores down 3.6%. Cruise & Tourism Links: Norwegian Cruise Line and PhilaPort marked the opening of Philadelphia’s permanent cruise terminal, while Disney Cruise Line announced renewed New York sailings that include Bermuda stops.

Bermuda Police Accountability: Inspector David Bhagwan has been dismissed from the Bermuda Police Service after a special case hearing, with charges still before the courts. Insurance Talent Pipeline: Allshores says 30 interns across its jurisdictions completed a summer programme, including 18 in Bermuda, with projects spanning finance, legal, IT and employee benefits. Reinsurance Dealmaking: Wilton Re and Sun Life have signed a definitive agreement to create Windsor Life Re, a US- and Bermuda-based reinsurer backed by about $900m in capital, expected to launch in the first half of 2027. Capital Markets Innovation: A first fully onchain repo using a natively issued sovereign digital bond by the Marshall Islands is being hailed as a pivotal step for future capital markets moving onchain. Bermuda Business Updates: Bermuda Motors has introduced the all-electric Kia PV5 Cargo to local businesses, while the Bermuda Stock Exchange reported 1,341 shares traded on Aug. 25 valued at about $36,509 BD. Local Governance & Economy: A consultation on promoting competition and market fairness in Bermuda is prompting debate about how competition rules fit the island’s small market. Education Spotlight: Bermuda High School announced strong 2026 IB and A-level results, with a 90% IB pass rate and all students set for first-choice universities.

Reinsurance Dealmaking: Wilton Re and Sun Life have agreed a $900m partnership to create Windsor Life Re, a U.S.- and Bermuda-domiciled reinsurer expected to launch in H1 2027, initially taking on about $1.7bn of life and annuity blocks and targeting up to $10bn in assets. Regulatory Pressure on Offshore Life: Cayman renewed its push for NAIC Qualified Jurisdiction Status, warning there’s “no plan B” as the NAIC moves toward tougher capital treatment for offshore life reinsurance. Bermuda Tech for Runoff: INTX expanded deployment of its (Re)Insurance Operating System at Xitus Re, supporting assumed reinsurance administration, claims, accounting and reporting across more runoff portfolios and jurisdictions. Corporate & Capital Markets: Aegon filed its SEC Form F-4 shareholder circular for a planned U.S. redomiciliation EGM on Oct 8, while Bermuda’s House of Assembly tabled the Corporate Income Tax Amendment Act 2026 to refine filing and administration mechanics. Local Economy & Labour: Economy Minister Jason Hayward met union leaders at “Night of Unity,” focusing on preparing workers for an evolving economy and leadership for the next generation. Tourism & Consumer Signals: Disney Cruise Line announced 2027-28 Bermuda sailings, and Bermuda Motors introduced the all-electric Kia PV5 Cargo for local businesses.

Tokenised finance in Asia: HashKey Exchange will list Franklin Templeton’s tokenised U.S. government money market fund, grBENJI, on its Earn channel from Aug. 24, targeting eligible professional investors and expanding regulated on-chain yield access. Life reinsurance build-out: Sun Life and Wilton Re have agreed to create Windsor Life Re, a U.S.- and Bermuda-domiciled reinsurer backed by about US$900m in capital, with an initial US$1.7bn in-force block and growth ambitions to roughly US$10bn in assets. BMA funds oversight: The Bermuda Monetary Authority introduced an approval-in-principle step to speed up new investment fund launches under the Investment Funds Act 2006, while still requiring full registration or authorisation later. Corporate tax updates: The House of Assembly tabled the Corporate Income Tax Amendment Act 2026 to refine filing and administrative mechanisms for the Corporate Income Tax regime. Insurance market watch: Fitch says non-life reinsurers saw improved underwriting results in H1’26 as catastrophe losses eased, but warns the sector remains competitive with price pressure ahead. BSX trading: Bermuda Stock Exchange activity on Aug. 24 included 1,200 shares traded and a near-flat index close. Tourism signal: Disney Cruise Line announced 2027–2028 sailings that include multiple Bermuda calls from New York.

Tokenised finance in Asia: Franklin Templeton and HashKey Exchange have launched grBENJI, a tokenized U.S. government money market fund, on HashKey’s Earn channel for eligible professional investors in Hong Kong, using blockchain-enabled infrastructure to deliver exposure mainly to U.S. government money market instruments and dollar cash assets. Reinsurance and capital structure: Sun Life and Wilton Re will form Windsor Life Re, a U.S.- and Bermuda-domiciled affiliated reinsurer, backed by strategic capital commitments and set to reinsure an initial in-force life block of about $1.7bn, with the partnership targeting growth to around $10bn in assets. BMA oversight for global groups: The Bermuda Monetary Authority is proposing tighter expectations for internationally active insurance groups, including clearer views of group structure and how capital and liquidity could move during a crisis. Local insurance market link to Florida: A Bermuda-based reinsurance executive says Florida’s improved homeowners’ renewals followed DeSantis’s visit to Bermuda and legislative reforms aimed at stabilising the market and curbing fraudulent litigation. Healthcare workforce debate: Progressive Labour leader hopeful Curtis Dickinson heard frontline concerns from healthcare workers, including burnout, mismanagement and the impact of health insurance practices on patients. Energy efficiency push: Bermuda has formally joined the Global Energy Efficiency Alliance, aiming to accelerate energy-efficiency initiatives through international cooperation. Banking upgrades: HSBC Bermuda is rolling out a new fleet of upgraded ATMs with chip-enabled readers and faster cash deposit crediting. Scam warning: Police are urging vigilance against WhatsApp account takeovers and AI-enabled impersonation scams. Business & economy pipeline: Bermuda’s new approval-in-principle process for investment funds is designed to speed up an early regulatory checkpoint ahead of full registration or authorisation. Tourism and travel links: Disney Cruise Line is returning to New York in 2027 with seven Disney Wish voyages, including five Bermuda sailings, plus a San Juan-based expansion into the Southern Caribbean.

Overseas Scholarships: Bermuda recognised 32 scholars at its 2026 Overseas Scholarship Awards Reception, with recipients studying healthcare, engineering, marine and biological sciences, business and finance, technology, hospitality, social work, psychology, criminal justice and the creative arts—aimed at strengthening the future workforce and youth employment pathways. BMA Funds Oversight: The Bermuda Monetary Authority introduced an approval in principle process to speed up early regulatory checkpoints for new investment funds under the Investment Funds Act 2006, while stressing it doesn’t replace full registration or authorisation. Insurance Regulation Update: The BMA also published a consultation paper on proposed Insurance (IAIG Supervision) Rules 2026, sharpening group-wide governance, risk management and supervisory reporting expectations for internationally active insurance groups. Insurance Credit Ratings: AM Best assigned InEvo Re Ltd. an A- Financial Strength Rating and “a-” long-term issuer credit rating with a stable outlook, citing very strong balance sheet strength and Macquarie support. Legal & Finance Appointments: Appleby welcomed Michael Thom and Charles Hambling to its Bermuda office, while Carey Olsen promoted Laura Kearns to partner in trusts and private wealth. Energy Efficiency: Bermuda formally joined the Global Energy Efficiency Alliance, setting up international cooperation on energy-efficiency initiatives. Banking Upgrade: HSBC Bermuda rolled out a new fleet of upgraded ATMs with chip-enabled readers and improved cash deposit capabilities. Public Safety: Police issued a warning about WhatsApp scams using compromised accounts and AI/deepfake impersonation tactics. Youth & Tourism: Bermuda announced its inaugural Youth Travel & Creator Summit on Oct. 24 at BUEI, targeting ages 14–18 and linking careers to tourism, tech and the creator economy. Court Priorities: Bermuda courts will prioritise money laundering and terrorist financing-related cases under a new practice direction.

BMA Insurance Oversight: The Bermuda Monetary Authority has launched a consultation on proposed Insurance (Internationally Active Insurance Group Supervision) Rules 2026, aiming to sharpen group-wide governance, risk management, internal controls and supervisory reporting for IAIGs, starting with Bermuda’s Aegon, Arch and Athora. Ratings Watch: AM Best assigned InEvo Re Ltd (Bermuda, Macquarie-backed) an A- Financial Strength rating and “a-” long-term issuer credit rating, citing very strong balance sheet strength and stable outlook. Money Laundering Priorities: A new Supreme Court Practice Direction orders Bermuda courts to prioritise money laundering, terrorist financing and related proceeds of crime cases, aligning with FATF standards. People Moves (Wealth & Legal): Carey Olsen promoted Laura Kearns to partner in trusts and private wealth, while Apex Group welcomed Mark Jennings as director/senior VP for global capital markets and strategic partnerships. Marine & Shipping: Bermuda’s weekly shipping schedule was released, and the Department of Marine & Ports Services flagged arrivals for the week starting Aug 22. Local Economy & Housing: The Government says it is targeting 400 affordable housing units over the next 18 months, with feedback sought on second-phase sites. Science & Environment: Researchers are studying Bermuda’s feral chickens, comparing their gut bacteria and immune responses with commercially raised broilers. Business Briefs: Marquette University announced a Bermuda-based Insurance Leadership Program for March 2027, and BILTIR held a “Bermuda on the Global Stage” roundtable linking interns with Premier David Burt, Governor Andrew Murdoch and U.S. Consul General Antoinette Hurtado.

Re/Insurance Ratings: AM Best assigned InEvo Re Ltd (Hamilton) an A- Financial Strength Rating and “a-” long-term issuer credit rating, citing a very strong balance sheet, strong capital support from Macquarie, and demand for asset-intensive reinsurance. Catastrophe Risk Markets: Mangrove Property Insurance Company marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange, securing $111m of fully collateralised reinsurance protection for Florida named storm risk. Reinsurance Leadership: Conduit Holdings appointed Anthony Mongiello as COO of Conduit Re, overseeing operations, IT, underwriting operations and claims, following Stuart Quinlan’s retirement. Courts & Compliance: Bermuda’s Supreme Court issued a practice direction requiring courts to prioritise money laundering and terrorist financing-related cases, aligning with FATF standards. Local Governance & Business Disruption: The Department of Marine & Ports Services published the weekly shipping schedule, while Bermuda Gas reported a propane truck collision in Mangrove Bay with no injuries and no service disruptions. Housing Pipeline: Minister Zane DeSilva said the Government is targeting 400 affordable homes in the next 18 months, with feedback sought on sites for the second phase.

Insurance Ratings: AM Best assigned InEvo Re Ltd an A- Financial Strength Rating and “a-” long-term issuer credit rating, citing a very strong balance sheet, strong Macquarie Group capital support, and growing demand for asset-intensive reinsurance. Reinsurance Performance: Fitch said Bermuda’s top reinsurers posted a very strong first-half underwriting result as catastrophe losses eased, though competition is starting to pressure premiums. Cat Bond Milestone: Mangrove Property Insurance marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange. Corporate Moves: Conduit Re appointed Anthony Mongiello as COO, while Vantage Group named Lucy Fato as general counsel. Digital Finance Policy: Premier David Burt said legislation to advance a private-sector Bermuda digital dollar will go before lawmakers next month. Anti-Money Laundering Courts: Bermuda’s Chief Justice issued a practice direction requiring courts to prioritise money laundering and terrorist financing cases. Housing Push: The Government set a new target of 400 affordable homes in the next 18 months. Marine & Ports: Marine & Ports Services published the weekly shipping schedule for arrivals starting Aug 22. Business Pulse: Bermuda Stock Exchange trading was flat on Aug 21, with no shares changing hands.

Anti-Money Laundering Priority: Bermuda’s Supreme Court has issued a Practice Direction requiring courts to fast-track money laundering and terrorist financing cases, aligning local process with FATF standards. Insurance & Reinsurance Performance: Fitch says Bermuda’s leading reinsurers delivered strong H1’26 underwriting results as catastrophe losses eased, though competition is starting to pressure premiums. Cat Bond Milestone: Mangrove Property Insurance launched its inaugural catastrophe bond, Buttonwood Re Ltd., raising $111m for Florida hurricane risk and ringing the BSX bell. Housing Push: Minister Zane DeSilva says the Government is targeting 400 affordable homes in the next 18 months, citing a 580-family waiting list and urgent “critical position” demand. Digital Finance Direction: Premier David Burt says legislation on advancing a private-sector “digital version” of the Bermuda dollar is headed to the House of Assembly next month. Corporate Moves: Arch Insurance promoted Roger Moniz to Head of Transactional Risk, while Conduit Re appointed Anthony Mongiello as COO. Courts & Compliance: The judiciary’s AML/CTF focus also supports Bermuda’s broader enforcement ecosystem, including the National Anti-Money Laundering Committee and police and prosecution bodies. Bermuda Business Pulse: The Bermuda Stock Exchange saw no trades on Aug 21, while BSX bell-ringing ceremonies continued for Buttonwood Re and related listings.

Courts & Compliance: Bermuda’s Supreme Court has issued a Practice Direction requiring all courts to prioritise money laundering and terrorist financing matters, reinforcing FATF-aligned standards. Competition & Cost of Living: The One Bermuda Alliance says competition laws—not price controls—are the better route to lower living costs, warning that proposed “critical service” rules could restrict market entry. Housing Pipeline: Housing Minister Zane DeSilva says the Government is targeting 400 affordable homes in the next 18 months, with feedback sought on sites for the next phase. Digital Finance: Premier David Burt says legislation on advancing a “digital version” of the Bermuda dollar will go to the House next month, with issuance expected to be private-sector led. Insurance & Reinsurance: Fitch reports strong H1 underwriting for Bermuda reinsurers as catastrophe losses ease, while noting premium pressure from rising competition. Cat Bonds & Capital Markets: Mangrove Property Insurance launched its inaugural catastrophe bond, Buttonwood Re Ltd., listing on the Bermuda Stock Exchange. Business & People Moves: Vantage Group appoints Lucy Fato as general counsel, and Conduit Re names Anthony Mongiello COO. Marine & Ports: Bermuda’s weekly shipping schedule for Aug 22 onward was released, with multiple cruise and container arrivals listed. BSX Update: The Bermuda Stock Exchange saw no trades on Aug 21, with the index finishing flat. Community & Culture: The Robinson/Packwood Memorial Lecture examined a 1827 incident involving a Bermudian ship’s role in the international slave trade.

Judiciary & AML Priorities: Chief Justice Larry Mussenden issued a practice direction ordering Bermuda courts to prioritise money laundering, terrorist financing and related proceeds-of-crime applications, reinforcing the island’s FATF commitments. Housing Supply Push: Minister Zane DeSilva says the Government is targeting 400 affordable homes over the next 18 months, citing a Bermuda Housing Corporation waiting list of 580 families and urging faster delivery. Reinsurance Underwriting Update: Fitch reports Bermuda’s leading reinsurers posted strong H1’26 underwriting results as catastrophe losses eased, while warning competition is pressuring premiums. Cat Bond Milestone: Mangrove Property Insurance marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., raising $111m of fully collateralised reinsurance protection for Florida hurricane risk. Corporate Appointments: Vantage Group named Lucy Fato as general counsel; Conduit Re appointed Anthony Mongiello as COO, expanding oversight of operations, IT, underwriting and claims. Digital Finance Policy: Premier David Burt says proposed steps to advance a “digital version” of the Bermuda dollar will go to legislators next month, with issuance expected to be private-sector led. Aviation & Tourism: BermudAir will launch seasonal nonstop Newark–South Caicos service starting Dec. 20, aiming to boost winter access and tourism. Marine Conservation: Fishing closures remain in place in “grouper boxes” to protect black groupers until Dec. 1. BSX Market Activity: Bermuda Stock Exchange trading on Aug. 20 totalled 113 shares valued at $591.74 BD, with the index finishing at 3,858.25.