AGP Executive Report

Reinsurance Dealmaking: BMS Group agreed to sell its US reinsurance division (BMS Re US) to Willis Re, with the deal excluding BMS’s UK, Latin America, Bermuda and global facultative operations; completion is subject to regulatory approvals. US Expansion: Willis Re’s acquisition is framed as a major step to accelerate its geographic growth into the US. Bermuda Finance Policy: Premier David Burt says Bermuda is looking to advance digital financing, with Cabinet-approved proposals moving toward legislation that would let government accept and invest in digital assets under a clear regulatory structure. Digital Assets Infrastructure: STS Digital launched cross-asset portfolio margining for eligible institutional clients across its OTC digital asset business, following the BMA’s material change process. Insurance Market Watch: The BMA confirmed seven new insurance registrations in July, bringing year-to-date totals to 42. Local Business Disruption: Businesses at Marginal Wharf in St David’s have been told to relocate by end-September for a grocery store and warehouse plan. Governance & Courts: The Privy Council will sit in Bermuda for a week of appeal hearings in April 2027. Hospitality & Tourism: Pyrmont Curaçao Beach Resort named Rob de Bekker as general manager ahead of its November 2026 opening.

Reinsurance Dealmaking: Willis Re has agreed to acquire BMS Re US, adding BMS Intermediaries and the US reinsurance broking team, while BMS keeps its UK, Latin America, Bermuda and global facultative operations. Bermuda Finance Leadership: Conduit Holdings named Mark Pickering as CFO effective 30 November 2026, while Conduit Re’s parent also confirmed fresh senior appointments across the sector, including Miller Bermuda making Harry Vickers senior director, property. Regulatory Watch: The Bermuda Monetary Authority confirmed seven new insurance registrations in July, bringing year-to-date totals to 42. Bermuda as a Tech Hub: The government backed Google’s new Canoa subsea cable link, positioning Bermuda as a landing point for Caribbean connectivity. Digital Assets & Policy: Premier David Burt is attending the SALT Wyoming Blockchain Symposium, where Bermuda is pushing an onchain economy and regulatory cooperation. Operational Disruption: The Privacy Commission says mould forced emergency remote working after its Church Street office closure, with public delays expected. Capital Markets: Buttonwood Re rang the bell for its inaugural catastrophe bond listing on the BSX, as the exchange continues to streamline listings. Tourism: Cruise-led demand helped leisure visitor numbers rise 9.2% in Q2 2026, despite lower air capacity. Health & Care Capacity: Bermuda is compiling a database of private properties that could be converted into care homes to ease long-term care pressure. Local Business & Community: Walkers welcomed eight interns, and the Youth Entrepreneur Expo showcased 13 young founders at City Hall.

Digital Assets Policy: Premier David Burt is in Wyoming for the SALT Blockchain Symposium, where Bermuda is pushing legislation to let government accept and invest in digital assets under a clear regulatory framework, alongside deeper Bermuda–US regulatory cooperation. Insurance & Reinsurance Appointments: Willis Re agreed to acquire BMS Re, US to accelerate US expansion; Relm Insurance named Sue Crawford SVP Head of Distribution; and Miller Bermuda appointed Harry Vickers as Senior Director, Property. Institutional Digital Assets Trading: Clear Street partnered with BMA-regulated STS Digital to expand institutional digital asset derivatives and treasury access via a single cloud-native platform. Tourism Numbers: Bermuda Tourism Authority reported 264,558 leisure visitors in Q2 (up 9.2% year-to-date), with cruise arrivals driving growth despite softer air capacity. Long-Term Care Pressure: Bermuda Health Council’s campaign to identify private properties for care home conversions has produced three potential opportunities as KEMH overcrowding and discharge delays continue. Legal & Governance: Bermuda will host Privy Council appeal hearings in April 2027, a first for the island. People Moves (Legal): Walkers welcomed eight students for its 2026 legal internship programme. Business & Community Events: Taste of Bermuda returns in October with new “Tabletop Theatre” and “edible movie” experiences; City of Hamilton rescheduled Fresh Air Films to Aug 29.

Banking Deal: Butterfield Bank is seeking shareholder approval to issue about 11.58 million new shares as part of its near-$1.8bn purchase of CIBC Caribbean, with ownership of the enlarged group expected to sit around 72.3%–75.2% depending on minority elections. Re/Insurance Capital: AM Best says global dedicated reinsurance capital hit a record US$663bn at end-2025, with traditional reinsurers’ capital utilisation falling to 77% as buffers grew while required capital stayed broadly flat. Bermuda Tourism: Bermuda Tourism Authority Q2 2026 data shows air visitor spending up 5.9% to $148.9m, with Canada and UK arrivals rising strongly while the US soft patch is being offset. Digital Finance: STS Digital says clients can use USDM1, a US dollar sovereign digital bond, as collateral for trades and financing—another step in Bermuda’s institutional digital-assets market. Regulatory Watch: The BMA proposes AI safeguards for regulated firms and will require police clearance certificates for “key persons” from 1 Oct 2026. Legal/Mining: Gold Reserve cleared a key motion to dismiss in its Court of Chancery dispute with Rusoro, with a breach of contract claim allowed to proceed. Shipping & Construction: Polaris Holding reports higher container and break-bulk volumes, pointing to continued construction-driven cargo demand. Cyber Risk: Bermuda Cupcake Company reports a suspected hack affecting devices and social media accounts.

BMA AI Safeguards: The Bermuda Monetary Authority has opened consultation on guidance for AI use across regulated financial services, stressing that firms can’t outsource responsibility for AI-driven decisions and must keep governance, risk, cybersecurity, outsourcing and record-keeping in place. Insurance & Reinsurance Appointments: ABIR named Elizabeth Breeze as its new Treasurer and refreshed its Finance Committee; Price Forbes also appointed Chris Harris as MD and Head of US casualty. Reinsurance Market Signals: AM Best reported global reinsurance capital hit a record US$663bn at end-2025, projecting US$705bn in 2026, while Envelop Risk secured Lloyd’s in-principle approval to launch Envelop Syndicate 1925 from Jan 1, 2027. Local Economy & Trade: Polaris Holding said construction activity supported cargo volumes, with container TEUs up 3.7% and break-bulk imports up 13.4%. Tourism & Shipping: Norwegian Cruise Line will expand Bermuda sailings in 2028, adding Norwegian Gem to Philadelphia alongside New York and Boston departures. Public Sector & Governance: Bermuda will host Privy Council appeal hearings in April 2027, with the JCPC also planning educational and extrajudicial work during the visit. Community & Business Resilience: Bermuda Cupcake Company reported a suspected hack of devices and social accounts, including unauthorised app downloads. Legal & Education Pipeline: Walkers welcomed eight Bermuda interns for its 2026 legal internship programme, while the Nicholl Scholarship named 2026-27 recipients receiving $30,000 per year.

Bermuda Finance & Regulation: The Bermuda Monetary Authority says AML/ATF “Key Person” vetting will require a Police Clearance Certificate for each relevant individual from 1 October 2026, tightening its fit-and-proper checks. Competition Policy: The Ministry of Home Affairs is consulting on a Market Fairness policy that feeds into a proposed Competition Act 2026, with potential criminal penalties for hardcore cartel conduct and merger review in essential sectors. Healthcare Oversight: Bermuda is moving toward an advance-review framework for significant healthcare system changes, aiming to protect patient access, affordability and stability. Insurance & Markets: Brookfield Wealth Solutions says assets have topped $200bn after acquiring Just Group, while Mangrove Property Insurance completed its 2026-2027 catastrophe reinsurance programme with record capacity; Pelagos Insurance Capital also reported a return to first-half underwriting profit. Business Briefs: Marex posted record Q2 profit of $165.9m; Bermuda Stock Exchange trading was steady in the latest reports, and the weekly shipping schedule for Aug 15 onward was published. Global Business Links: Manulife appointed Jeremy Young as Chief Distribution Officer for international brokerage, and Gold Reserve provided an update on scheduled litigation and arbitration dates.

Public Sector Excellence: Bermuda’s Department of Sport and Recreation Summer Camp Registration Team won the July Public Service Excellence Award, praised for helping hundreds of families through a summer registration rollout that introduced a new online system but suffered technical glitches and a lottery allocation error. Justice & Talent Pipeline: The Ministry of Justice hosted “Justice Lounge: The Welcome Brief” to connect law students, pupils and early-career counsel with the justice system, including Attorney-General Kim Wilkerson. Reinsurance & Capital Markets: Brookfield Wealth Solutions said assets topped $200bn after completing its Just Group acquisition, while Mangrove Property Insurance wrapped its 2026-2027 catastrophe reinsurance programme with record capacity; Pelagos Insurance Capital returned to first-half underwriting profit as gross premiums rose. Company Results: Marex reported record Q2 profit of $165.9m. BMA Compliance Update: From 1 October 2026, AML/ATF “key persons” will need Police Clearance Certificates as part of BMA vetting. AI Governance: The BMA opened consultation on responsible AI use in Bermuda’s regulated financial services, with comments due 30 October. Competition Policy: Government launched consultation on “Market Fairness” to shape a Competition Act 2026, including merger review and penalties for hardcore cartel conduct. BSX Watch: Bermuda Stock Exchange trading on Aug 14 was flat overall, with 278 shares traded and the BSX closing unchanged. Shipping: Marine & Ports Services published the weekly arrivals schedule starting Aug 15.

BMA AI guidance: The Bermuda Monetary Authority has opened a consultation on responsible AI use in regulated financial services, stressing governance, risk management, data oversight, transparency, cyber security and operational resilience, with comments due 30 October 2026. AML/ATF vetting update: From 1 October 2026, “key persons” for AML/ATF regulated financial institutions must include a Police Clearance Certificate for each relevant individual, strengthening fit-and-proper checks. Market fairness competition push: The Ministry of Home Affairs is consulting on a Market Fairness policy that will feed into a proposed Competition Act 2026, including tougher rules on harmful conduct, merger review in essential sectors, and potential criminal penalties for cartel behaviour. Healthcare system review: Government is advancing a framework to require advance review of significant healthcare changes via the Bermuda Health Council when they could affect patients, access, costs or system stability. Reinsurance momentum: Mangrove Property Insurance expanded its 2026–2027 catastrophe reinsurance programme with a larger, more diversified panel of A- or higher rated reinsurers. Insurance results: Pelagos Insurance Capital reported first-half underwriting profit returning to strength, with gross premiums up and the combined ratio improving. BSX activity: The Bermuda Stock Exchange reported 278 shares trading on August 14, with the BSX index finishing unchanged. Youth entrepreneurship: Young business owners, some as young as nine, showcased products at the Youth Entrepreneur Expo on City Hall’s lawn, highlighting growing local enterprise culture. Education and skills: Bermuda’s STEAM Academy wrapped up its summer programme, including a new senior pilot course focused on maths, trades, electrical engineering and career orientation.

Reinsurance & Capital Markets: Mangrove Property Insurance says it has expanded its 2026-2027 catastrophe reinsurance programme, adding 36 new partners and boosting capacity across a panel of 44 reinsurers plus capital partners including Buttonwood Re. Regulation & Compliance: The BMA will require Police Clearance Certificates for “Key Persons” in AML/ATF regulated financial institution applications from 1 October 2026, tightening fit-and-proper vetting. Competition Policy: Bermuda’s Government is consulting on a Market Fairness policy that feeds into a proposed Competition Act 2026, with potential criminal penalties for hardcore cartel conduct and merger review powers for a new Competition and Regulatory Authority. Healthcare Governance: The Government is advancing a framework for advance review of significant healthcare system changes to protect access, affordability and patient impact. AI Oversight: The BMA has opened consultation on responsible AI use in Bermuda’s regulated financial services, with feedback due 30 October 2026. Insurance Results: Pelagos Insurance Capital reported first-half underwriting profit returning, with gross premiums up 6.6% to $3.14bn and a combined ratio improving to 93.1%. BSX Watch: LOM Financial authorised a share repurchase programme of up to 400,000 shares, citing a gap between share price and book value. Shipping & Trade: Marine & Ports Services published the weekly arrivals schedule for ships commencing August 15. Business Briefs: Gold Reserve provided an update on scheduled litigation/arbitration dates; Fitch expects Digicel earnings of about US$730m-740m for FY2027. Education & Skills: STEAM Academy concluded its summer programme, including a new senior pilot track with career-orientation visits.

Healthcare Governance: Bermuda is advancing a framework so major healthcare changes can be reviewed before implementation, with significant proposals assessed in advance by the Bermuda Health Council to protect access, affordability, patient choice and system stability. Competition & Market Fairness: The Ministry of Home Affairs has launched a consultation on “Market Fairness” feeding into a proposed Competition Act 2026, including rules against hardcore cartel conduct (with criminal penalties), merger review in essential sectors, and a Competition and Regulatory Authority with a dedicated healthcare competition unit. Reinsurance Performance & Pricing: Pelagos Insurance Capital reported first-half underwriting profit returning to $152.4m net income, while AM Best warns Bermuda’s property-cat pricing is softening but returns are being supported by tighter terms and higher attachment points; Sompo International also flagged strong Q1 reinsurance growth after Aspen integration. Financial Services Regulation: The BMA is tightening “key person” vetting for AML/ATF regulated financial institutions by requiring police clearance certificates for relevant individuals from October 1. Markets & Corporate Moves: LOM Financial authorised a share repurchase up to 400,000 shares; Gold Reserve outlined further CVR/bonus settlement offers and equity plan amendments. Business & Education Pipeline: Bermuda College signed a pathway agreement with Hartpury University, and the STEAM Academy wrapped a summer programme with workplace visits and career orientation. Environment: Campaigners urged Bermuda to work with the UK to protect the Sargasso Sea under the High Seas Treaty now in force.

FIFA Leadership Watch: Victor Montagliani, the Canadian who rebuilt CONCACAF with a push for accountability and transparency, is emerging as a potential challenger to embattled FIFA president Gianni Infantino. Competition Law (Bermuda): The Ministry of Home Affairs has launched a public consultation on a “Market Fairness” policy that will underpin a proposed Competition Act 2026, with rules aimed at harmful conduct and merger review in essential sectors. Reinsurance Outlook: AM Best says reinsurers met their cost of capital for a third straight year, even as property-cat pricing softens, helped by stronger terms and higher attachment points. BMA Vetting Update: The Bermuda Monetary Authority is tightening “key person” requirements for AML/ATF regulated financial institutions, adding police clearance certificates for relevant individuals from Oct. 1. Insurance & Markets: LOM Financial authorized a share repurchase up to 400,000 shares; Bermuda Stock Exchange trading saw Butterfield and Allshores both fall on Aug. 13. Energy (Golar LNG): Bermuda-headquartered Golar LNG lined up a potential third FLNG conversion with Seatrium and also reported a Q2 dividend of $0.25 per share. Education & Skills: STEAM Academy wrapped its summer programme, and Bermuda College highlighted completion of its ILS-focused programme with internships secured. Environment: Campaigners urged Bermuda to work with the UK to protect the Sargasso Sea under the newly adopted High Seas Treaty.

BMA Compliance: The Bermuda Monetary Authority is tightening “key person” vetting for AML/ATF regulated financial institutions, requiring police clearance certificates (no more than 12 months old) for each relevant individual in applications from October 1, with changes to key persons also covered. Insurance & Capital Markets: Bermuda-headquartered Marex says its UK-to-Bermuda redomiciliation is already paying off, reporting record adjusted profit before tax of $318m (up 79%) and strong Q2 clearing and agency/execution results. Regulatory & Market Infrastructure: The Bermuda Stock Exchange has streamlined listing approvals for securities issued under previously approved debt or ILS programmes, cutting approval timelines to next business day (or same day with documents). Education & Workforce: Bermuda College has signed a pathway agreement with UK’s Hartpury University, letting eligible students complete two years in Bermuda before transferring, plus new ILS programme completion certificates for 13 students and internships with major ILS/re/insurance firms. Local Development: St David’s could see a new convenience store, pharmacy and ATM as Southside Holdings proposes consolidating warehousing at Marginal Wharf, subject to approvals. Energy/Shipping Finance: Golar LNG, based in Hamilton, reports Q2 gains and has declared a $0.25 dividend per share (record Aug 24; payable Sept 2) alongside a $2.45bn EPC deal for a fourth FLNG unit. Telecom Credit Outlook: Fitch expects Digicel’s fiscal 2027 adjusted EBITDA to land around $730m–$740m, citing subscriber stability, ARPU growth and cost efficiencies.

Insurance-Linked Securities pipeline: Thirteen Bermuda College students have completed the 2025–2026 ILS Bermuda College Programme, earning the second-ever completion certificate after six modules covering professional conduct, mentorship, mock interviews and ILS Convergence participation; seven students also landed competitive summer internships with Bermuda’s ILS/re/insurance ecosystem. East End retail push: Housing and Municipalities Minister Zane DeSilva says Southside Holdings is proposing a convenience store, pharmacy and ATM for St David’s, aiming to bring private investment and long-requested services to the community. ABIR leadership updates: The Association of Bermuda Insurers and Reinsurers appointed Elizabeth Breeze as treasurer and added Convex Re CFO Kierra Smith, Partner Re’s Haynes Finney and ABIR CEO John Huff to its finance committee. Market infrastructure: The Bermuda Stock Exchange streamlined listing approvals for securities issued under previously approved debt/ILS programmes, cutting approval timelines to next business day (and sometimes same day). Road safety target: Transport Minister Owen Darrell outlined a strategy to cut road fatalities and serious injuries by 50% by 2030, with stepped-up enforcement and speed-camera plans; OBA MP Jarion Richardson urged publication of the full plan. Connectivity investment: Google announced the Canoa subsea cable linking Bermuda to the Dominican Republic as part of its “Americas Connect” network. Reinsurance/ILS capital flow: Artemis reports record Q2 catastrophe bond activity, with Bermudian-based sponsors accounting for about $1.37bn of the total. Golar LNG finance & expansion: Bermuda-headquartered Golar LNG declared a $0.25/share dividend (record Aug 24; pay Sept 2) and signed an EPC deal for a fourth FLNG unit (3.5 mtpa) with a ~$2.45bn budget, targeting delivery by year-end 2029. Community and ageing support: Age Concern launched a membership drive for residents 50+ to access savings and support, while the Mangrove Bay Post Office reopened after safety-focused renovations.

Subsea Connectivity & Tech Infrastructure: Google says its “Americas Connect” push will add three new subsea cable systems—Alisios, Canoa and OlaLuz—routing more resilient connectivity through the Dominican Republic, with Canoa linking Bermuda directly to the DR and onward options to Europe and North America. Insurance & Reinsurance: Bermuda reinsurers sponsored nearly $1.4bn in catastrophe bonds in Q2, helping drive down risk-transfer costs as investor capital pours into the market. Local Governance & Public Services: Mangrove Bay Post Office reopened after nearly a year of renovations, including reinforced flooring, upgraded IT and safer, more accessible counters. Road Safety: Police will step up traffic enforcement this weekend using collision data, as Government targets a 50% cut in serious crashes and fatalities by 2030. Capital Markets: Bermuda Stock Exchange streamlines listing for securities issued under already-approved debt/ILS programmes, aiming to speed approvals and reduce paperwork. Healthcare Oversight: A proposed framework would let the Bermuda Health Council review major healthcare changes for access, quality, competition and sustainability before the Minister decides. Sports & Business Tourism: Bermuda gets green light to host the Davis Cup World Group II tie vs Mexico on Sept 19–20, with HSBC Bermuda, Government and the Bermuda Tourism Authority backing the event.

Subsea Connectivity: Google unveiled “Americas Connect,” a network of three new subsea cable systems plus a Firmina branch, with the Dominican Republic as the hub and links reaching Bermuda and the US—aimed at boosting cloud and AI resilience across the Americas. Capital Markets: The Bermuda Stock Exchange streamlined the listing process for securities issued under previously approved debt and insurance-linked securities programmes, cutting approval timelines and adding abridged forms to reduce sponsor workload. Healthcare Oversight: Government advanced a framework for advance review of major healthcare changes, with the Bermuda Health Council assessing impacts on patients, access, costs, quality, competition and sustainability before the Minister of Health decides. Insurance & Reinsurance: Mangrove Property Insurance created Bermuda-domiciled Grove Re Ltd. to strengthen risk transfer and capital efficiency for its Florida strategy, while RiverStone appointed David Soutter as group CRO and AXA XL named Matt Waters to lead Large Commercial and Specialty across the US, Canada and Bermuda. Tourism & Development: The Loren Hotels filed an in-principle planning application to restore Elbow Beach Hotel with a scaled-down design and public facilities. Local Business & Community: Cove.bm launched an island-style “Amazon” purchasing and same-day delivery service; Allshores pledged $3m over three years to the Bermuda Cancer and Health Centre; and Clarien Bank sponsored the CARIFTA Triathlon & Aquathlon Championships in Bermuda.

Insurance & Reinsurance: Mangrove Property Insurance is expanding its Bermuda footprint with Grove Re Ltd., a Bermuda-domiciled Class 3A reinsurer aimed at improving risk transfer efficiency and capital deployment for Mangrove’s Florida-focused growth. Tourism & Development: The Loren Hotels has filed an in-principle planning application to restore the historic Elbow Beach Hotel, proposing a scaled-down luxury resort with 76 guestrooms and 22 villas, targeting an opening in 2029. Healthcare Governance: The Ministry of Health says it is advancing a healthcare review framework so major system changes are assessed in advance for impacts on patients, access, costs and stability. US Travel Rights: The PLP says the Government will not take steps that jeopardise Bermudians’ visa-free US travel, after US Consulate clarification that the status is governed solely by US policy. Digital Infrastructure: Google announced “Americas Connect,” adding new subsea cable systems that include a direct Bermuda link via the Dominican Republic. Youth & Community Business: The Youth Entrepreneur Expo returns to City Hall Front Lawn on Aug. 15, spotlighting young Bermudian founders and their products. Public Safety & Procurement: Government is seeking suppliers for additional fire trucks for delivery in 2027-28, with submissions due Aug. 18. Housing Organising: Bermuda Is Love and the Bermuda Autonomous Tenants Association launched #TenantsUnited to build a tenants union and push for better leaseholder conditions.