AGP Executive Report

Electricity Policy Consultation: Bermuda’s Ministry of Home Affairs is holding a public meeting on May 18 at 6:30pm in Hamilton to discuss the proposed National Electricity Sector Policy 2026, with consultation closing May 21 and written submissions still open via forum.gov.bm. Space & Telecom Regulation: The Government has opened consultation on a consolidated licensing framework for Bermuda’s earth stations, aiming to strengthen the island’s satellite communications position with a two-tier licensing approach and cybersecurity obligations. Plastics Law Debate: OBA’s Linda Smith backs the Single Use Plastics Act 2026 in principle but warns against rushing replacements that could drive unnecessary costs, while MPs have already greenlit the bill’s phased restrictions. Talent & Industry Pipeline: ABIR is kicking off its private-sector internship programme again with Amelia Othman returning as a junior analyst, building on last summer’s policy and regulatory work. Digital Finance Push: Bermudians are getting hands-on with digital payments after an airdrop and market activation tied to the Bermuda Digital Finance Forum.

Digital Finance Push: Bermudians got hands-on with digital wallets after an airdrop, then hit a Pier 6 Digital Payments Market where local vendors could accept payments—an activation tied to this week’s Bermuda Digital Finance Forum. Embedded Supervision: The BMA says an international consortium is working on “embedded supervision” for digital assets, aiming to enforce regulatory requirements at the infrastructure level using Chainlink and other partners. Caricom Debate: A West End town hall on full Caricom membership drew questions about whether the extra $2m should go to education, healthcare, or infrastructure, with Minister Alexa Lightbourne arguing Bermuda can leverage regional tools and successes. Single-Use Plastics Act: MPs approved the Single-Use Plastics Act 2026, with customs duty relief for alternatives and phased restrictions—no blanket ban until practical substitutes are ready. Air Connectivity: Jamaica announced it will host the second CTO Air Connectivity Summit in Kingston on Feb. 23, 2027, building on Bermuda’s inaugural event.

Sports Spotlight: Lee University’s Drew Zielinski has been named a finalist for the 2026 NCAA Division II Jack Nicklaus Player of the Year Award, with the winner set to be announced June 7. Marine & Environment: Grenada’s Southern Fishermen Association leader James Nicholas says the island has lost over 30 fish species in recent years, blaming pesticide run-off from banana spraying and mangrove cutting. Bermuda Policy Watch: MPs have passed the Single-Use Plastics Act 2026, with customs duty relief promised for alternatives and phased restrictions coming in—no blanket ban, and prohibited items will be added only when practical substitutes exist. Digital Finance Momentum: Bermudians took part in a Digital Payments Market after an airdrop to new digital wallets, with local vendors invited to accept digital payments. Local Governance: Hamilton has formally welcomed Dr. Michael Branco as Mayor after his May 7 election win and swearing-in ceremony.

Digital Finance Push: Bermudians got hands-on with digital wallets after an airdrop, then headed to Pier 6’s Digital Payments Market to spend digital assets with local vendors—an activation tied to this week’s Bermuda Digital Finance Forum. Embedded Supervision: The BMA says it’s working toward a supervisory model where digital-asset rules are enforced at the infrastructure level in real time, using an embedded supervision solution with partners including Chainlink. Shipping & Trade Rhythm: Marine & Ports Services published the week’s arrivals schedule starting May 16, with cruise, container, and SailGP vessels on the calendar. Environment & Governance: MPs passed the Single-Use Plastics Act 2026, with customs duty relief for alternatives and phased restrictions; separately, Fort William’s overgrown area is being turned into a micro forest with native and endemic plants. Regional Connectivity: Jamaica announced it will host the second CTO Air Connectivity Summit in Kingston on Feb. 23, 2027, building on Bermuda’s inaugural event.

Single-Use Plastics Law: MPs have passed Bermuda’s Single-Use Plastics Act 2026, with phased restrictions and customs duty relief for approved alternatives—no blanket ban, and the government says it won’t prohibit items until practical substitutes exist. Medical Cannabis Framework: The House heard plans for a “safe and lawful” regulated medical cannabis pathway, treating approved products like other controlled prescription medicines under clinical oversight. Digital Finance Push: Bermuda’s Digital Finance Forum is spilling into real-world use—residents got digital wallet access via an airdrop and businesses are testing digital payments at Pier 6. Local Governance & Culture: Dr. Michael Branco was formally invested as Mayor of Hamilton, while Bermuda Day grand marshals were unveiled “for the culture.” Environment & Resilience: Volunteers helped turn an overgrown Fort William area into a micro forest of native and endemic plants, and hurricane season is now just two weeks away.

Digital Finance Rollout: Bermudians got hands-on with digital wallets after a Pier 6 airdrop, with a Digital Payments Market now rescheduled for today (4pm–9pm) after weather disrupted Community Day—government tickets covered participation and up to $100 in digital assets for on-site spending, while ~35 vendors are set to learn how to accept digital payments. Public Debate on Caricom: At a West End town hall, residents questioned whether Bermuda should spend an extra $2m on full Caricom membership, arguing the benefits aren’t clear and the public has limited say—Home Affairs Minister Alexa Lightbourne said deeper ties could help solve local challenges by leveraging other countries’ tools. AI in Government: Bermuda also announced a partnership with Near AI to deploy secure AI across public services, aiming to protect citizen data at the infrastructure level. Hurricane Season Watch: With the Atlantic season starting in about two weeks, Bermuda coverage is already shifting to preparedness.

Digital Assets Supervision: The BMA is pushing an “embedded supervision” model for digital assets—regulatory rules enforced inside infrastructure in real time—using Chainlink plus partners like Apex Group and Hacken, aiming to speed up compliance without losing oversight. Public-Sector AI: Bermuda also announced a secure AI partnership with Near AI, focusing on confidential inference so public servants can use AI without exposing citizen data. Transport Pressure Relief: Rideshare permits are moving—33 of 41 applications vetted, with hopes to reach about 71 vehicles on the road by June 10 to ease peak-season strain. Local Environment & Heritage: Volunteers helped launch micro-forests at St George’s fortification, swapping invasive plants for native species with the Bermuda Zoological Society. Business & Markets: IGI raised its quarterly dividend to $0.075; Teekay and Teekay Tankers also announced special dividends. Culture & Lifestyle: Long Bay Rosé officially launched, and TROIKA Bermuda set auditions for The Wiz (June 19–20).

AI in government: Bermuda’s public sector is teaming up with Near AI to roll out secure AI for administrative services, with confidential-computing infrastructure designed to protect citizen data even from the provider. Onchain payments: At the Bermuda Digital Finance Forum, the Government and Stellar Development Foundation announced live movement of key payment and financial services onto Stellar—aimed at wages, merchant payments, fees, and digital-asset wallets, with stablecoin pilots expected. Rideshare crunch: Transport Control has cleared 33 of 41 rideshare applications, but expects the total to jump to about 71 after remaining checks—targeting vehicles on the road by June 10. Finance sector signals: Fidelity International launched a Moody’s-rated tokenized digital liquidity fund via Chainlink; STS Digital received a full BMA licence upgrade. Corporate updates: IGI raised its quarterly dividend to $0.075; APWC reported Q1 revenue of $130.8m; Teekay and Teekay Tankers declared special dividends of $1.00 per share. Local culture: TROIKA Bermuda opened auditions for The Wiz (June 19–20).

Rideshare rollout: The Transport Control Department has cleared 33 of 41 rideshare permit applications, but Minister Owen Darrell says more are coming—expecting the total to rise to about 71 once checks finish, with new vehicles targeted to ease peak-season pressure by June 10. Electricity policy consultation: Bermuda is hosting a public town hall on Monday, May 18 on the National Electricity Sector Policy 2026, with proposals including a shift away from the 85% renewables-by-2035 target toward a fossil-heavy 2030 outlook. On-chain payments push: The Government and Stellar Development Foundation say key payments and financial services will move onto Stellar, with wages, merchant payments, government fees, and digital asset transfers via wallets—plus stablecoin pilots expected. Digital finance licensing: STS Digital received a full Bermuda Monetary Authority licence upgrade under the Digital Asset Business Act, while Bitcoin Suisse’s Bermuda unit secured Class F and Class B approvals on a pre-operational basis. Corporate finance: Teekay and Teekay Tankers both declared special dividends alongside first-quarter updates.

On-chain government payments: Bermuda’s Digital Finance Forum just delivered a major milestone: the Government and Stellar Development Foundation say Bermuda will start moving payments and financial services onto the Stellar network, aiming to cut today’s steep processing costs (reported up to 10%) and let residents use digital wallets for wages, merchant payments, and government fees. Regulated crypto licensing: STS Digital also secured a full Bermuda Monetary Authority licence under the Digital Asset Business Act, after completing the testing and modified licensing stages—while Bitcoin Suisse announced its own BMA approvals for a Class F licence and investment registration. Financial services momentum: KBRA affirmed Bermuda’s ratings at A+ / K1+ and flipped the outlook to Positive, citing a “constructive structural shift” tied to the corporate income tax. Local policy watch: A Town Hall on the proposed National Electricity Sector Policy 2026 is set for May 18, with consultation closing May 21. Business & community: Rideshare permit applications are due Thursday (150 permits, rideshare starts June 10), and Lumina’s Financial Literacy Summit returns Sept 25.

On-chain payments move: Bermuda is partnering with the Stellar Development Foundation to shift government payments and financial services onto the Stellar (XLM) network, aiming to cut high legacy processing costs (reported up to 10%) and let residents receive wages, pay merchants, and handle stablecoin-based transactions via digital wallets. Crypto policy momentum: The push builds on Bermuda’s broader digital-asset strategy, with stablecoin pilots and digital literacy programs in the plan, while regulators tighten oversight as the ecosystem grows. Insurance rules ripple outward: A new NAIC life/annuity reserving standard (VM-22) is rolling out from 2026, pushing insurers toward more flexible, uncertainty-aware reserving—an approach industry watchers say could reduce pressure to route business offshore. Local business & education: Lumina’s second Financial Literacy Summit is set for Sept 25, and rideshare permit applications are due soon as Bermuda launches its first regulated rideshare rollout. Public sector watch: A petition is demanding reinstatement of a Port Royal Primary teacher placed on administrative leave, as the Education Minister faces renewed scrutiny.

Digital Finance Push: Genius Group says its April Bermuda move into regulated digital banking and stablecoin issuance via Jewel Bank is accelerating—pointing to 171% Q1 revenue growth and 228% gross profit growth, plus plans for GEMs blockchain-based student tokens. Local Sports Governance: The Bermuda Cricket Board is defending its use of cheaper Omtex training balls in domestic T20, after players questioned whether the lower-cost balls are hurting match quality. Education & Skills Pipeline: Warwick Academy won the KPMG Bermuda Senior School Investment Challenge for a second straight year, with crypto trading added for the first time. Public Works: Improvements are complete at the Stonecrusher Corner boat ramp on Kindley Field Road, reopening the site for safer marine access. Community & Culture: Martello Re Bermuda Scholarships were awarded to a Bermuda College student, while Whim W’Him’s “Spring ’26” opened in Seattle. On the Water: Boat and cruise activity continues to shape the week, with the Vision of the Seas departure adjusted earlier by about an hour.

Workforce & Education: Martello Re Bermuda Scholarships just named their first winner—Armari Maybury—funding one year of tuition and books for Actuarial Science or Computer Information Systems at Bermuda College, a direct push into high-demand technical roles. Local Economy & Skills: A Wave of Opportunity Pitch Competition is offering five grants of up to $25,000 (plus training) for Bermudian small businesses, with a special track for education and mental health entrepreneurs. Insurance Watch: US Treasury Secretary Scott Bessent met with NAIC regulators over Bermuda’s fast-growing life reinsurance exposure, especially links to private credit and liquidity concerns. Caricom Labour Debate: Home Affairs Minister Alexa Lightbourne says deeper Caricom ties are meant to fill hard-to-fill roles via the Caricom marketplace—without open borders. Sail & Tourism: SailGP’s Bermuda weekend is set to bring a tight title race to the Great Sound, while cruise operations keep adjusting—Vision of the Seas will leave Bermuda an hour earlier than planned. Sports & Community: VT Construction’s Criterium crowned Mayho, MacGuinness and Tadman, with youth winners also highlighted.

Life Reinsurance Under US Scrutiny: US Treasury Secretary Scott Bessent met with NAIC regulators to discuss Bermuda’s fast-growing life and annuity reinsurance exposure to private credit—highlighting concerns about liquidity and how private-equity-linked groups manage assets. Small Business Push: Global Atlantic Re Foundation and BEDC are offering five grants of up to $25,000 via the Wave of Opportunity Pitch Competition during Global Entrepreneurship Week, with bootcamp support and a People’s Choice award. Caricom Labour Strategy: Home Affairs Minister Alexa Lightbourne says deeper Caricom ties are meant to fill hard-to-staff roles via the “Caricom marketplace,” not open borders. Assured Guaranty Expands: Assured Guaranty is leaning harder into annuity reinsurance and alternative investments after a softer first quarter, with Warwick Re now part of the push. SailGP Returns: Bermuda hosts the Rolex SailGP Championship this weekend on the Great Sound, with the title race tightening and Emirates GBR and BONDS Flying Roos both in focus. Local Watch: Montpelier renovation partner bids are open, and Bermuda’s weekly shipping schedule lists multiple cruise and cargo arrivals starting May 9.

In the last 12 hours, Bermuda’s business and policy agenda leaned heavily toward energy, tourism growth, and digital finance. Home Affairs Minister Alexa Lightbourne said her participation in a US “US Energy Policy: Security, Independence and Innovation” programme is intended to inform efforts to make Bermuda’s energy system “more affordable and resilient.” In parallel, the Bermuda Tourism Authority announced a new UK agency of record: London-based Black Diamond will lead trade and group travel engagement across the UK, aiming to expand year-round visitation and strengthen MICE, sports, and maritime travel. Bermuda also continued to push its “onchain economy” approach: Premier David Burt said the government is working to move stablecoins into everyday commerce, including a planned USDC airdrop and merchant onboarding to enable local spending.

Financial services and insurance developments also featured prominently. Coinbase announced it is laying off 700 employees (14% of staff) as it restructures toward being “lean, fast and AI-native,” with the article noting it was uncertain whether the cuts would affect Coinbase’s small Bermuda operations. On the insurance side, Bermuda Business Development Agency officials were in Philadelphia for Riskworld, while Gold Reserve outlined plans to spin out its mining interests into a new US-domiciled company focused on critical minerals. Separately, Bermuda’s digital infrastructure constraints were highlighted in a newly released entrepreneurship blueprint, which floated the feasibility of a boutique, hurricane-resistant “green data centre” to provide more affordable cloud services and local compute capacity.

Beyond Bermuda, several corporate and market signals provided context for the island’s wider ecosystem. Marex commenced a consent solicitation for amendments to its 6.404% Senior Notes due 2029, and Weatherford won a managed pressure drilling contract for operations in Brazil—both pointing to ongoing activity in global capital markets and offshore energy services that intersect with Bermuda’s international finance footprint. In specialty insurance, WTW’s survey coverage (from the prior days) indicated rate softening back toward 2020 levels, reinforcing a broader theme of easing pricing pressure in parts of the market.

Looking at continuity from the past few days, Bermuda’s digital-asset positioning remains a central thread: multiple items tie the island’s regulatory and industry collaboration to Consensus 2026 in Miami, including Premier Burt’s delegation and onstage discussions with Coinbase’s leadership. Meanwhile, Bermuda’s macro outlook also improved: S&P upgraded Bermuda’s outlook to Positive (affirming an A+ long-term rating), citing stronger-than-expected corporate income tax revenues and debt reduction—supporting the sense that policy and market engagement are being paired with fiscal confidence. Overall, the most recent coverage is more operational and programmatic (tourism agency, energy learning trip, stablecoin payments, data-centre feasibility) than a single, clearly defined “major event,” though the stablecoin push and the energy reform inputs stand out as the most consequential near-term initiatives.

In the last 12 hours, Bermuda’s labour and employment framework took a concrete step forward: the Department of Labour released “Know your rights at work,” a 12-page, plain-language guidance document following amendments to Bermuda’s Employment and Labour Code. The guidance outlines minimum standards including a minimum hourly wage of $17.13, requirements around written workplace policies for bullying and sexual harassment, and protections against termination while on various types of leave. The release was framed as both an employee empowerment tool and a clarity mechanism for employers.

On the business and finance front, several items point to continued momentum in Bermuda-linked sectors. Deloitte announced leadership changes across Bermuda and the Caribbean, with long-time regional CEO and Bermuda office managing partner John Johnston set to retire and Anna Burns taking over as regional CEO on June 1, 2026; Bermuda’s practice leadership will shift to Stephen Kuzyk. In insurance-linked developments, Soter Insure received full authorization from the Dubai Financial Services Authority for a Category 4 insurance intermediation license in DIFC, positioning the company to place MENA risk onto Soter’s Bermuda-regulated carrier paper. Separately, Kin Insurance said it completed its largest-ever catastrophe bond transaction totaling $335 million via Hestia Re Ltd, with the stated aim of expanding multiyear storm protection beyond Florida to additional states where Kin operates.

Digital assets and infrastructure also featured prominently. Premier David Burt is reported to be attending Consensus 2026 in Miami, with the stated rationale that Bermuda’s presence supports its goal of building a “fully on-chain national economy.” In parallel, Bermuda’s regulated transport modernization continued with the opening of applications for the island’s first regulated ridesharing initiative: 150 permits (including 10 wheelchair-accessible vehicles) with service expected to begin June 10, 2026. The most immediate “industry operations” theme in the last 12 hours also included the B.U.I.L.D Summit 2026 opening, where Minister Jason Hayward emphasized investment, innovation, and collaboration for urban development and infrastructure priorities.

Looking slightly further back for continuity, Bermuda’s sovereign credit outlook improved: S&P upgraded Bermuda’s outlook to Positive while affirming its A+ long-term rating, citing stronger-than-expected corporate income tax revenues and debt reduction, alongside stability in the insurance-driven economy. Meanwhile, the broader specialty insurance market context in the coverage shows rate softening: WTW’s specialty insurance survey reported that rates declined in 2025 and for January 1, 2026 renewals, with the pace exceeding expectations and moving back toward 2020 pricing levels—a backdrop that helps explain why multiple Bermuda-linked insurance and reinsurance developments are occurring as the market adjusts.

Overall, the most evidence-dense “major” developments in this rolling window are (1) the labour department’s formal publication of workplace rights guidance, and (2) multiple high-signal corporate/financial moves tied to insurance and regulated digital finance (Deloitte leadership transition, Soter’s DIFC licensing, Kin’s large cat bond, and Burt’s Consensus participation). Other items in the last 12 hours—such as tourism certificate registrations, aviation route news, and various non-Bermuda-specific market or lifestyle pieces—appear more like routine industry coverage rather than a single consolidated Bermuda-wide event.