AGP Executive Report

Tourism & Hospitality: Grotto Bay Beach Resort has completed the first phase of its redevelopment, opening newly renovated guest rooms, with 53 additional rooms expected as further works—including a hydro plant and staff accommodation—continue toward full completion in 2027. Aviation & Routes: BermudAir says it will expand its network deeper into the Caribbean and Central America, with new services planned via Turks & Caicos, plus routes shown on its schedule to Belize and Guatemala. Professional Services: PwC Bermuda promoted Damian Sealy, David Cartmill and Crystal Pittendrigh to Partner, while Danielle Lawrence was named a director—signals of continued investment in Bermuda’s actuarial, private client and re/insurance talent. Accounting & Workforce: Minister Jason Hayward opened CPA Bermuda’s inaugural Accounting Career Fair, highlighting AI and automation’s impact on the profession and the need to grow local talent. Energy Costs: Bermuda’s Fuel Adjustment Rate for electricity rises to 14.226 cents per kWh from July 1, adding about $2.17 to an average residential monthly bill. Finance & Insurance Ecosystem: HSBC Bermuda marks its 19th year as lead sponsor of Cup Match, while Bermuda-based Nordic American Tankers reports three Suezmax vessels have cleared the Strait of Hormuz after months stuck in the Arabian Gulf. Maritime & Capital Markets: TEN Ltd. (Bermuda-founded) declared a quarterly dividend on its Series F preferred shares and ordered a second LNG carrier, extending its LNG newbuilding program. Tech & Crypto Markets: Glimpse launched a Bitcoin forecasting market that pays users in Bitcoin for accurate predictions, adding to Bermuda’s wider fintech and digital-asset conversation.

Insurance & Markets: White Mountains Insurance Group shares jumped more than 5% to close near book value for the first time in years, as investors focused on the Bermuda-based holding company’s steady book-value growth and discount-to-intrinsic-value narrowing. Professional Services: PwC Bermuda promoted David Cartmill, Crystal Pittendrigh and Damian Sealy to partner, highlighting leadership growth in tax and private client services tied to Bermuda’s re/insurance ecosystem. Electricity Costs: BELCO’s fuel adjustment rate rose to 14.226 cents per kWh from 13.784, adding about $2.17 to the average monthly bill from July 1, with government fuel duty relief cushioning the impact. Shipping & Energy: Nordic American Tankers said three Bermuda-incorporated vessels cleared the Strait of Hormuz after months of disruption, with crews safe and operations resuming. Re/Insurance Expansion: Fidelis Partnership’s Pine Walk launched Adroit Underwriting, a new Bermuda-based MGA for US SME casualty reinsurance, led by Jeff Markowski and backed by TFP syndicates. Local Business & Talent: CPA Bermuda’s inaugural Accounting Career Fair drew about 70 attendees and showcased pathways into accounting, from internships to scholarships. Community & Culture: HSBC Bermuda will continue as Cup Match lead sponsor for a 19th year, keeping the bank’s long-running link to Bermuda’s biggest sporting weekend.

Energy Costs: Bermuda’s Regulatory Authority has lifted Belco’s Fuel Adjustment Rate to 14.226 cents per kWh from 13.784 cents, effective July 1, adding about $2.17 to the average monthly bill (about +1%), with government fuel duty relief cushioning the impact. Shipping & Trade: Nordic American Tankers says three Bermuda-incorporated Suezmax vessels have cleared the Strait of Hormuz after months stuck in the Arabian Gulf; the firm says crews are safe and ships are back in international service. Insurance & Reinsurance: The Fidelis Partnership’s Pine Walk platform launched Adroit Underwriting Ltd., a Bermuda-based MGA for US SME casualty reinsurance, led by Jeff Markowski (CEO & CUO). Wholesale Insurance Leadership: Hamilton Insurance Group promoted Mike Mulray to President of Hamilton Select and Daniel Tague to Chief Underwriting Officer as it scales its wholesale E&S strategy. Finance/Corporate Moves: Marex completed its redomiciliation to Bermuda from England and Wales, citing a simpler corporate structure and Bermuda’s US-style corporate law alignment. Aviation & Tourism: Local officials met Air Canada’s CEO to reinforce the airline’s long-running Bermuda connectivity role. Business Expansion (Insurance): Malibu Life completed its acquisition of TruSpire, rebranding it as Malibu Life USA and targeting an inaugural US retail annuity product launch for early-to-mid September. Maritime/Capital Markets: TEN Ltd. declared its Series F preferred dividend and ordered a second LNG carrier at Hyundai Heavy Industries, with delivery expected in Q1 2029.

Wholesale & Leadership Moves: Hamilton Insurance Group promoted Mike Mulray to President of Hamilton Select and elevated Daniel Tague to Chief Underwriting Officer as the Bermuda-based carrier pushes its wholesale-only E&S growth. Broker Expansion: Miller named Kim Plant head of North American property, adding senior leadership to its US/Canada wholesale push. Shipping & Energy: TEN Ltd. (founded in Bermuda) ordered a second LNG carrier at Hyundai Heavy Industries, taking its LNG newbuild program to 20 vessels, with delivery expected in 2029. Digital-Asset Insurance: Bluprynt and Chainproof launched “Verified D&O,” aiming to streamline underwriting for token-linked directors and officers using issuer and collateral verification. Casualty Reinsurance MGA: Fidelis Partnership’s Pine Walk launched Adroit Underwriting Ltd., a Bermuda-based MGA for US SME casualty reinsurance, led by Jeff Markowski and backed by TFP syndicates. Professional Services: PwC Bermuda promoted David Cartmill, Crystal Pittendrigh and Damian Sealy to partner effective July 1. Corporate Structure: Marex completed its redomiciliation to Bermuda, citing a simpler structure and Bermuda’s US-style corporate law alignment.

PwC Leadership: PwC Bermuda named three new partners—David Cartmill, Crystal Pittendrigh and Damian Sealy—effective July 1, strengthening its private client and tax services leadership. Reinsurance & Captives: The Fidelis Partnership’s Pine Walk launched Adroit Underwriting Ltd., a Bermuda-based MGA targeting US SME casualty reinsurance across lines like cyber, medical malpractice and construction (A&E), backed by TFP syndicates. Corporate Redomiciliation: Marex completed its redomiciliation to Bermuda from England and Wales, citing a simpler Bermuda regulatory framework and expected cost efficiencies. Maritime & Shipping: Bermuda hosted the 37th Red Ensign Group conference, with delegates focused on future fuels, maritime security and quality ship registry standards. Tourism & Air Connectivity: Local officials met Air Canada’s CEO to reaffirm the airline’s 78-year Bermuda partnership and discuss ongoing service developments. Infrastructure & Housing: The government said the first phase of an affordable housing build ($64m) is “key in hand” with no overspend expected as construction is set to begin in August. Public Health & Safety: Bermuda Hospitals Board received rattlesnake antivenom after a reported sighting in Southampton, with teams still working to locate the snake. Business Growth: Fairmont is modernizing Fairmont Southampton as part of a wider global renovation push, with a Bermuda reopening targeted for fall 2026. Energy Skills: Home Affairs opened applications for a $20,000 energy scholarship (deadline July 31) aimed at technical and energy-focused studies. Crypto Infrastructure: zerohash launched Portfolio Strategies for brokerages and wealth platforms to manage and rebalance crypto portfolios via a single integration.

Maritime & Shipping: Bermuda hosted the 37th Red Ensign Group conference in Hamilton, with delegates from the UK, Crown Dependencies and Overseas Territories focused on future fuels, maritime security, seafarer welfare and regulatory standards. Local Business & Tourism: BermudAir is shifting its nonstop Central Florida service from Orlando International (MCO) to Orlando-Sanford (SFB) from October 2026, with expansion to Belize in December. Insurance & Risk: A new analysis spotlights how war-risk pricing and reinsurance tools can shape maritime behaviour—relevant to Bermuda’s wider insurance and reinsurance ecosystem. Finance & Capital Markets: Gates Industrial shareholders overwhelmingly approved redomiciling the parent to Bermuda, with an expected effective date of July 20, 2026. Energy & Skills: Home Affairs opened a $20,000 energy scholarship for studies in energy-related and technical fields, with a July 31 deadline. Environment & Fisheries: The Sargasso Sea Commission released a Socio-Ecosystem Diagnostic Analysis supporting conservation beyond Bermuda’s EEZ, while fishermen’s groups renewed opposition to proposed fishing closures under the Bermuda Ocean Prosperity Programme. Community & Housing: The Minister of Housing said the first phase of an affordable housing project will not overspend, with construction set to begin in August. Tech & Jobs: PwC’s AI Jobs Barometer says AI is reshaping hiring toward human skills and creating a two-track labour market. Corporate Moves: Athene named Larik Hall as Senior VP and Head of Athene Japan. Entertainment: FryDays Bounce House in Dockyard will close July 22 after eight years.

Marine Conservation Debate: The Fishermen’s Association of Bermuda pushes back on the Bermuda Ocean Prosperity Programme, arguing proposed 20% full protection would mean fishing closures without enough local buy-in, while scientists back the Marine Spatial Plan and Marine Protected Areas. Affordable Housing Watch: Minister Zane DeSilva says the first phase of the $64m affordable housing build (84 units) is “key in hand” with no overspend, with work set to start in August. Energy Pipeline for Youth: Home Affairs launched a $20,000 energy scholarship for Bermudians studying energy and technical fields, with applications due July 31. Space Sector Rules: The Government is advancing a modern earth-station licensing framework to make Bermuda “investment-ready” for satellite services. Corporate Bermuda Move: Gates Industrial shareholders approved redomiciling the parent to Bermuda, with an expected effective date of July 20. Digital Assets Case: Bittrex Global seeks leave to appeal to the Privy Council in Bermuda’s landmark ruling that hosted crypto assets remain customer property. Reinsurance Numbers: RAIN founder Greg Lang reports finding 228 captive managers globally, using regulatory and industry lists. Aviation & Tourism Links: BermudAir shifts nonstop Central Florida service from MCO to Orlando-Sanford (SFB) from October 2026 and expands Caribbean routes. Sargasso Sea Report: The Sargasso Sea Commission released a Socio-Ecosystem Diagnostic Analysis highlighting climate, fisheries and biodiversity value beyond Bermuda’s waters.

Aviation & Safety: American Airlines Flight 308 aborted takeoff at Miami after a private jet crossed the runway without clearance, prompting an FAA investigation into the near-miss. Air Connectivity: BermudAir will shift its Central Florida nonstop base from Orlando International (MCO) to Orlando-Sanford (SFB) from October 2026, with Belize service added in December. Energy Skills: Bermuda’s Ministry of Home Affairs launched a $20,000 Energy Scholarship (deadline July 31) to build a pipeline for energy-tech and technical talent. Maritime Policy: The Red Ensign Group conference opens in Bermuda (June 29–July 2), focusing on ship registries, quality flags, emerging fuels, and regulatory direction. Ocean Stewardship: The Sargasso Sea Commission released a “Socio-Ecosystem Diagnostic Analysis” on the sea’s ecological and economic value, backed by Bermuda’s government. Finance & Education: KPMG Bermuda’s K-Nect student networking event returns July 14 to connect students with financial services careers. Housing Delivery: Minister Zane DeSilva says affordable housing financing has reached financial close for the first phase of a $114.75m, 229-unit programme. Space Licensing: Home Affairs is advancing a modern earth-stations licensing framework to make Bermuda “investment-ready” for satellite services. Health Costs: Bermuda Diabetes Association says generic GLP-1s are now available, aiming to significantly cut the $1,000-a-month burden for patients. Digital Assets Law: Bittrex seeks a Privy Council appeal in a landmark case over customer crypto asset treatment under Bermuda’s Digital Asset Business Act. Insurance/Capital: Sixth Street announced it will buy a majority stake in Monument Re, with Hannover Re staying involved. Offshore Drilling: Eldorado Drilling completed its Vantage Drilling merger, creating a larger Bermuda-linked drilling platform. Community: Hamilton’s free Summer Sunday: City Funday returns July 12 at Victoria Park with entertainment, games, and local food.

Aviation & Tourism: BermudAir is beefing up its winter Caribbean network with new nonstop service to Turks and Caicos, expanded Anguilla flights, and renewed Bermuda routes—aimed at faster, more affordable access for travellers. Offshore Energy & M&A: Eldorado Drilling has completed its merger with Vantage Drilling, creating a larger offshore drilling platform with Bermuda-linked entities and a clear path to delisting and scaling operations. Reinsurance & Capital Markets: Sixth Street has agreed to buy a majority stake in Monument Re, with Hannover Re staying on as a key shareholder—another sign of continued consolidation in European insurance. Housing & Construction Finance: Minister Zane DeSilva says affordable housing is moving from plan to execution, with $64m in bank financing reaching financial close for the first phase of the programme. Space Infrastructure Regulation: Home Affairs Minister Alexa Lightbourne outlined progress on an earth-stations licensing framework, positioning Bermuda to attract satellite investment with clearer rules. Digital Assets & Legal Precedent: Bittrex is seeking a Privy Council appeal in Bermuda’s landmark crypto customer-asset case, while liquidation continues after the Court of Appeal ruled customer crypto must be protected. Health Costs: The Bermuda Diabetes Association says generic GLP-1s are now available, promising significantly lower prices for diabetes and obesity treatments. Real Estate Market: A top realtor reports Bermuda’s market is the hottest in 20 years, while warning that probate delays and land registry/tenancy law updates still weigh on transactions.

Aviation & Safety: American Airlines Flight 308 aborted takeoff at Miami after spotting a private jet on the runway, with the FAA opening an investigation into the near-miss. Air Connectivity: BermudAir is expanding its BWI winter schedule with a new weekly nonstop to Turks and Caicos plus added Anguilla flights. Local Infrastructure: Memorial Park’s long-awaited 21.43-acre expansion is cleared for bidding and aims to start construction in mid-July, adding multipurpose fields, parking, and new facilities. Shipping & Tourism Ops: Bermuda’s Marine & Ports Services published the weekly arrivals schedule, including multiple cruise calls and container discharges. Space Policy: The Ministry of Home Affairs is reviewing public feedback on earth station regulations, focusing on licensing, spectrum management, safety, and cybersecurity. Digital Assets & Finance: The BMA reports digital asset growth to 49 licensed businesses by end-2025 and higher regulator revenue/profits. AI in Culture: The Bermuda National Gallery launched a confidential community survey on generative AI use and regulation in Bermuda’s creative sector. Industry & Careers: Chartered Professional Accountants Bermuda says AI will automate tasks, but human judgment and ethics will keep accountants essential. Sports & Community: Spirit of Bermuda completed the 2026 Newport Bermuda Race after carbon-fibre mainmast repairs, supporting youth programmes via charters.

Corporate Redomiciliation: Gates Industrial says shareholders backed its move to Bermuda from England and Wales, arguing it will cut administrative complexity and cost; UK court and regulatory approvals are still required, with an expected effective date of July 20. Digital Assets & Regulation: Bermuda Monetary Authority data shows licensed digital asset businesses rising to 49 by end-2025, while BMA revenue and staffing also increased as oversight expanded. Space & Connectivity Policy: Bermuda’s Home Affairs Minister outlined how public feedback is shaping earth station regulations, with themes including licensing, spectrum management, health and safety, and cybersecurity. Creative AI Governance: Bermuda National Gallery launched a confidential community survey on generative AI use and views on regulation, aimed at informing policy for Bermuda’s creative sector. Tourism Strategy: Incoming Bermuda Tourism Authority CEO Jan Hutton says AI is changing how travellers discover destinations, pushing the BTA to stay visible in AI-driven searches. Shipping Watch: Marine & Ports Services published the week’s cruise and container arrivals schedule starting June 27. Insurance Industry: Bermuda-linked insurance developments include HIVE’s priced US$115m exchangeable senior notes and ongoing reinsurance pricing discipline discussions.

Space & Telecom Regulation: The Ministry of Home Affairs says it’s reviewing public feedback on Bermuda’s proposed earth station regulations, with themes including licensing, spectrum management, health and safety, and cybersecurity—aiming to make the island “investment ready” for a durable space ecosystem. Creative AI Policy: The Bermuda National Gallery has launched a confidential community survey on generative AI use in Bermuda’s creative industries, including views on regulation and how people are using AI-generated books, art, photos, and music. Digital Assets & Oversight: Bermuda Monetary Authority figures show digital asset licensing rose to 49 firms by end-2025 (from 36), while BMA revenue and net income climbed as staffing expanded to oversee the sector. Tourism Tech Shift: Incoming Bermuda Tourism Authority CEO Jan Hutton says AI is changing how travellers discover destinations, pushing the industry to stay visible in AI-driven searches and itinerary planning. Shipping & Trade Flow: Marine & Ports Services published the week’s ship arrivals schedule starting June 27, including cruise calls and container movements. Insurance & Reinsurance Watch: Industry commentary points to property reinsurance pricing easing after earlier overcorrections, with executives asking what happens next year. Local Business & Transport: Dr EV says e-bike demand is rising alongside police enforcement targeting dangerous riding, while a taxi-operator dispute went viral again, renewing scrutiny of conduct in the sector.

Space & Telecom Regulation: Bermuda’s Ministry of Home Affairs is reviewing public feedback on an earth station regulatory framework, with focus on licensing, spectrum management, health and safety, and cybersecurity—aiming to make the island “investment ready” for a durable space ecosystem. Creative AI Policy: The Bermuda National Gallery has launched a confidential community survey on generative AI use in Bermuda’s creative industries, including views on regulation and how people are using AI-generated books, art, photos, videos and songs. Tourism Tech Strategy: Incoming Bermuda Tourism Authority CEO Jan Hutton says AI is reshaping how travellers discover destinations, pushing the industry to stay visible in AI-driven searches and personalised itinerary planning. Digital Assets & Oversight: Bermuda Monetary Authority figures show digital asset businesses rising to 49 by end-2025, alongside higher BMA revenue and staffing as supervision expands. Marine & Logistics: Marine & Ports Services published the weekly shipping schedule for June 27 onward, listing cruise and container arrivals across the week. Agriculture & Land Management: Government expanded training for farmers to manage feral chickens more safely and humanely, targeting crop losses while supporting coordinated island-wide control. Local Business & Careers: Chartered Professional Accountants Bermuda is gearing up for an accounting careers fair next week, with industry leaders stressing AI will automate routine tasks but won’t replace human judgment and ethics. Insurance Industry Moves: Bermuda-linked insurance developments include AM Best assessments and major industry recognition for FWD Insurance, underscoring continued momentum in the sector. Capital Markets: HIVE Digital Technologies priced US$115m of 0% exchangeable senior notes due 2031 via its Bermuda subsidiary, with closing expected June 30. Offshore Drilling Deal: Vantage Drilling says conditions for its merger with Eldorado Drilling are expected to be satisfied by June 26, with Vantage shareholders to receive $19 per share.

Digital Assets & Regulation: The Bermuda Monetary Authority says Bermuda’s digital asset sector kept expanding in 2025, with licensed digital asset businesses rising to 49 by year-end (up from 36), while BMA revenue climbed 16.1% to $150.7m as it added staff to oversee the growing market. Insurance & Capital Markets: HIVE Digital Technologies’ Bermuda unit priced US$115m of 0% exchangeable senior notes due 2031 (with an option for up to an extra US$15m), with closing expected June 30—another sign of Bermuda’s role in global financing. Offshore Drilling M&A: Vantage Drilling says its merger with Eldorado Drilling is on track to complete June 26, with Vantage shareholders to receive $19 per share as the Bermuda-exempt firm becomes a wholly owned Eldorado subsidiary. Local Business & Skills: Bermuda’s accounting community is pushing back on the idea that AI will replace people, stressing human judgment and advisory work as the island prepares for an accounting careers fair. Transport & Public Trust: A viral taxi dispute has renewed calls for better conduct in the industry, after a driver said he “could have handled it better” during a late-night confrontation. Agriculture & Environment: Government expanded training for farmers to manage Bermuda’s feral chicken population more safely and humanely, aiming to reduce crop losses while supporting an island-wide approach. E-Bikes & Enforcement: Dr EV reports rapid growth in Bermuda’s e-bike market as police crackdown targets dangerous riding and traffic-code breaches. Community & Youth Finance: A new Young Money Minds summer camp will teach children ages 4–9 basic money skills through games and activities, as part of a broader push to bring financial literacy into schools.

Insurance & Finance: FWD Insurance picked up major recognition at the Bloomberg Businessweek Financial Institution Awards 2026, taking “Top Insurance Company of the Year” and 18 awards in total, underscoring its push in digital, customer service and multi-channel distribution. Capital Markets: HIVE Digital Technologies priced US$115m of 0% exchangeable senior notes due 2031 (with an option to add up to US$15m), with closing expected June 30 via its Bermuda subsidiary. Offshore Drilling: Vantage Drilling says its merger with Eldorado Drilling is on track to complete soon after shareholders approved the deal, with Vantage shareholders to receive $19 per share. Local Business & Transport: Dr EV expands its Flatts e-bike operation as police step up enforcement on dangerous riding and traffic code breaches. Housing: A new Sandys proposal for “Victoria Place II Village” would add 36 homes on Cochrane Road, as Bermuda continues working through its housing pipeline. Community & Skills: PwC Bermuda will host HeadStart networking on July 15, while Bermuda’s Young Money Minds summer camp targets financial literacy for ages 4–9. Agriculture: Government expanded training for farmers to manage feral chickens more safely and humanely, aiming to protect crops and livelihoods.

Capital Markets: HIVE Digital Technologies priced US$115m of 0% exchangeable senior notes due 2031 via its Bermuda issuer, with an option to add up to US$15m, expected to close June 30. Agriculture & Environment: Government expanded training for farmers to manage Bermuda’s feral chicken population more safely and humanely, while noting Environment and Natural Resources removes about 1,300 birds monthly. Real Estate & Housing: A new planning application proposes “Victoria Place II Village” on Cochrane Road in Sandys, aiming to add 36 homes (12 two-bed, 24 three-bed) plus parking, bikes, and a playground. Professional Services Talent: PwC Bermuda’s HeadStart networking event is set for July 15 (5–7pm) for students and graduates exploring audit, accounting, advisory and tax careers. Logistics & Aviation: Longtail Aviation is adding a Boeing 767 freighter after a successful test flight, with a proving flight overseen by the Bermuda Civil Aviation Authority. Insurance Industry: AM Best assigned a preliminary credit assessment to Fortium Insurance Company Ltd. (A- pca, stable outlook) and affirmed Allshores ratings (strong balance sheet, stable outlook). Community & Culture: PechaKucha Bermuda’s 38th storytelling night runs June 26 at the Bermuda Society of Arts Gallery.