AGP Executive Report

Reinsurance & regulation: Bermuda-licensed Antares Re backs Distinguished Programs’ new DistinguishedRe property reinsurance platform, with up to $50m capacity and a Bermuda footprint via Antares Re. Crypto & stablecoins: Walkers’ Bermuda partner Rachel Nightingale says Bermuda’s Digital Asset Business Act approach is helping stablecoin providers scale within the existing framework, while CoinZoom becomes the first U.S.-regulated exchange to support USDT across Ethereum, Tron and BNB Smart Chain. BMA policy: The Bermuda Monetary Authority outlines a “substance over form” plan for asset tokenisation, with targeted amendments and a consultation deadline of 30 June 2026. Housing: Diallo Rabain overturns a Boaz Island modular housing rejection, granting a four-year temporary pilot with strict technical conditions. Aviation & tourism: BermudAir signals “good demand” for more Caribbean non-stops, adding aircraft by year-end and eyeing Britain within three years. Community & environment: The Butterfield Bermuda Championship reports $1.4m charitable impact (2025), and Government House unveils “Whaleen,” a World Ocean Day sculpture made from 1,000+ pieces of marine debris.

BMA Tokenisation Watch: The Bermuda Monetary Authority says its proposed asset tokenisation framework will be “substance over form” and technology-neutral, using targeted tweaks to existing rules rather than a standalone regime, with stakeholders invited to comment by 30 June. Marine & Ocean Stewardship: World Ocean Day at Government House featured “Whaleen,” a 20-foot humpback sculpture built from 1,000+ pieces of Bermuda marine debris, while Benchmark Resorts & Hotels rolled out ocean-themed spa treatments that fund 4ocean cleanups. Local Governance & Housing: An opinion column argues Bermuda’s rental shortage is also driven by landlord hesitation and proposes a Guaranteed Rental Partnership Program to restore confidence and reduce non-payment risk. Insurance & Reinsurance People Moves: InEvo Re named Alex Brogden chief underwriting officer, and Everest appointed Peter Chalkias as Australia country head and CFO. Financial Services: IGI secured approval to operate an insurance office in India’s GIFT City, and Fairfax completed a US$750m senior notes offering. Logistics & Regional Leadership: Bermuda’s postmaster general Samuel Brangman Jr was reappointed secretary-general of the Caribbean Postal Union. New Ventures: Sea Venture Electric Watercrafts is preparing to launch electric paddleboard rentals in Bermuda after testing in Mangrove Bay.

Ocean Action at Government House: Bermudian artist Hannah Horsfield’s 20-foot “Whaleen” sculpture—built from 1,000+ pieces of marine debris collected during shoreline clean-ups—went on display for World Ocean Day, turning plastics into a humpback whale message. Hospitality + Sustainability: Benchmark Resorts & Hotels is rolling out OSEA “Ocean Renewal” spa treatments in Bermuda (and other coastal locations) that claim to remove 25 pounds of plastic and trash per treatment via its 4ocean partnership. Insurance & Risk: Swiss Re warns the global natural catastrophe protection gap widened to $424bn in 2025, while MS Amlin says earthquake models may be underestimating losses by missing supershear ruptures. Privacy Compliance: A review finds only 1 in 9 Bermuda companies’ privacy notices fully comply with PIPA, with many missing or deficient on transparency. Bermuda Business Moves: IGI secured approval to operate an IFSCA Insurance Office in India’s GIFT City, expanding its reinsurance footprint. Local Economy & Talent: KPMG awarded three scholarships tied to accounting and captive/financial services careers, and the Bermuda Stock Exchange index rose 2.44% on June 5. Transport & Trade: The Department of Marine & Ports Services published the weekly shipping schedule for arrivals starting June 6. Education & Inclusion: Endeavour’s No Limits Sailing Programme hit a record 64-child cohort for autism-inclusive STEAM learning on the water.

Crypto & Regulation: Coinbase Bermuda Ltd launched pre-IPO perpetual futures with SpaceX as the first tradable asset, letting eligible non-US users take long/short exposure via USDC settlement—while flagging higher risks tied to valuation indexing and IPO conversion. Aviation & Tourism: BermudAir says it’s betting beyond Bermuda, unveiling a winter expansion across Turks and Caicos, Belize and Guatemala City and leaning on fifth-freedom leisure routes to manage island seasonality. Insurance & Captives: KPMG Bermuda awarded three scholarships (accounting, captive insurance and Artex) to build local talent; meanwhile the Bermuda Captive Conference heard growing concern over “orphaned” AI risk and how captives may be used to add AI liability coverage. Maritime & Marine Science: BIOS will test a new underwater vehicle, DeepVenture, in Bermudian waters alongside RV Atlantis and RV Atlantic Explorer, reinforcing Bermuda’s role as a deep-ocean research hub. Business Markets: BSX trading (June 5) saw Butterfield up 2.8% and Devonshire Industries down 33.8%, with the index finishing up 2.44%. Shipping: Bermuda’s weekly schedule lists multiple cruise and container arrivals starting June 6, including Independence of the Seas and Norwegian Jewel.

Aviation & Tourism: BermudAir is betting big beyond Bermuda, unveiling a winter expansion that adds Turks and Caicos, Belize and Guatemala City, with more growth to Anguilla—aimed at easing Bermuda’s seasonality by shifting capacity to fifth-freedom leisure routes. Insurance & Finance: 26North Re has agreed to acquire Independent Insurance Group (Independent Life), marking its first onshore U.S. platform for structured settlement annuities. Marine Science: BIOS says a new underwater vehicle, DeepVenture, will be tested in Bermudian waters this month, with RV Atlantis and RV Atlantic Explorer supporting climate and ocean research. Captive & Risk: At the Bermuda Captive Conference, Skuld’s Tawana Tannock highlighted Bermuda’s maritime liability reinsurance dominance, while an AI panel warned that many firms use AI without AI liability cover—pushing interest in captive or endorsed solutions. Local Business: KPMG in Bermuda awarded three scholarships (accounting, captive insurance and financial services) to Bermudian students. Markets: Bermuda Stock Exchange trading on June 5 saw Butterfield up 2.8% and Devonshire Industries down 33.8%, with the BSX index closing higher. Community & Inclusion: Endeavour’s No Limits Sailing Programme reached its biggest cohort, welcoming 64 autistic pupils for STEAM learning on the water.

Bermuda Captive & Insurance: At the Bermuda Captive Conference, KPMG and others highlighted the growing need for AI liability solutions, with insurers increasingly excluding AI from standard policies and speakers pointing to endorsements or captives as practical routes. Maritime Reinsurance: Skuld Bermuda’s Tawana Tannock said Bermuda’s captive and regulatory setup underpins its dominance in maritime liability reinsurance, including Hydra’s role in pooling P&I risk. Local Finance: The Bermuda Stock Exchange rose as Butterfield gained 2.8% to $55.50, while Devonshire Industries fell 33.8% to $4.30. Aviation & Tourism: BermudAir says it’s betting beyond Bermuda with a winter expansion adding Turks and Caicos, Belize and Guatemala City, using a premium leisure model to tackle seasonality. People & Community: KPMG awarded three scholarships to Bermudian students in accounting, captive insurance and financial services, tying support to mentoring and internships. Sports & Culture: Bermuda’s women beat Belize 4-0, and the island is in full Carnival mode with local artists building momentum for the season’s soundtrack. Shipping: The Marine & Ports Services weekly schedule lists cruise and container arrivals starting June 6.

Local Finance Talent: KPMG in Bermuda handed out three 2026 scholarships to Bermudian students—$30,000-a-year for accounting and captive insurance tracks, plus an Artex scholarship—each tied to mentoring, internships and professional qualification support. Bermuda Aviation Expansion: BermudAir says it’s scaling beyond Bermuda with a winter push into Turks and Caicos, Belize and Guatemala City, using fifth-freedom flying to tackle the island’s seasonality. Insurance & Reinsurance Leadership: AXIS Capital promoted Christina Geller to Head of Wholesale Financial Lines for North America, while Swiss Re appointed Hazel Etherington to lead Life & Health underwriting for Hong Kong and Taiwan and global high net worth. Captive Sector Focus: At the Bermuda Captive Conference, speakers highlighted how captives are being used for AI liability discussions and for maritime liability reinsurance leadership, reinforcing Bermuda’s role in specialty risk. Markets Watch: The BSX rose 2.44% to 3,571.75 as Butterfield gained and Devonshire Industries fell. Community & Culture: Bermuda mourns the death of Sir John Swan, and the island’s inclusive sailing programme Endeavour reported its biggest No Limits cohort yet. Marine & Science: Bermuda Institute of Ocean Sciences plans tests of a new deep-sea submersible in local waters later this month.

Aviation & Tourism Expansion: BermudAir’s founder Adam Scott says the homegrown carrier is “moving capacity” to beat Bermuda seasonality, rolling out winter growth that adds Turks and Caicos, Belize and Guatemala City while expanding Anguilla and using fifth-freedom routes that bypass Bermuda. Capital Markets/Banking: Butterfield lifts the Royal Gazette/BSX index, with Butterfield Bank shares up 2.8% to $55.50, while Devonshire Industries drops sharply. Marine Science & Research: Bermuda Institute of Ocean Sciences will test a new deep-sea submersible, DeepVenture, with Alvin and RV Atlantis docking at St George’s June 11. Captive Insurance & Regulation: At the Bermuda Captive Conference, delegates discussed AI risk without AI liability cover, AI exclusions in traditional lines, and how captives can plug gaps; meanwhile, Skuld’s Tawana Tannock highlighted Bermuda’s maritime liability reinsurance leadership. People Moves: Aon appoints José María Navas as Chief Claims Officer for EMEA; Swiss Re names Hazel Etherington Head of L&H for Hong Kong & Taiwan and Global HNW. Industry Deals: Fidelis Partnership launches a PVT consortium to deploy up to $47.5m per risk in the Middle East for WTPV capacity. Community & Culture: Endeavour’s No Limits Sailing Programme marks its biggest cohort, welcoming 64 autistic pupils for STEAM learning on the water. Local Loss: Bermuda mourns Sir John Swan, the island’s longest-serving premier, as tributes pour in.

Captive Insurance & Risk: KPMG Bermuda marked its captive scholarship and internship programme’s first year, naming Kijali Jean-Marie as the latest recipient, while conference speakers warned that AI risk is “orphaned” and often excluded—pushing captives toward AI liability via endorsements or captive add-ons. Re/Insurance Dealmaking: Howard Hughes Holdings has completed its ~$2.1B all-cash acquisition of Bermuda specialty re/insurer Vantage Group, adding scale and analytics to a broader holding-company strategy. Maritime Insurance Leadership: Tawana Tannock told delegates how Bermuda’s regulatory framework and captive ecosystem underpin maritime liability reinsurance, including Hydra’s role in retaining expensive P&I reinsurance risk. Banking Regulation: The BMA opened consultation on new banking models and proposed much higher penalties for late regulatory filings—up to $10m—aimed at modernising Bermuda’s banking rules. Tourism & Air Connectivity: With Belize losing budget carriers, talks are underway with BermudAir to add routes into Belize from multiple US cities, while BermudAir also announced new Toronto–Turks & Caicos service continuing to Anguilla this winter. Local Business & Energy: The Bermuda National Trust unveiled a solar-panelled pergola at Waterville to cut carbon footprint while preserving its Grade 1 landmark building. Sports & Culture: Bermuda beat Belize 4-0 in a women’s friendly, and local carnival coverage highlighted a growing homegrown soca soundtrack.

Bermuda Captive Finance: The Bermuda Monetary Authority is consulting on new banking models and tougher compliance, including a proposed jump in penalties for late regulatory filings to as much as $10m (from $500,000), with a consultation deadline of Aug. 1, 2026. Caricom & Immigration: A local lawyer warns that full Caricom membership could “drive a coach and horses” through Bermuda’s immigration rules via treaty obligations, even without adopting labour freedom provisions. Captive Innovation: At the Bermuda Captive Conference, Asurion’s captive underwriting chief backed AI use with human accountability, while the BMA signalled stablecoin opportunities for captives (up to 25% of capital, subject to approval). Insurance Market Moves: AM Best affirmed North End Re Ltd.’s A- (Excellent) ratings with a stable outlook, and Mereo began underwriting an excess casualty energy portfolio acquired via renewal rights from Everen Specialty. Aviation & Tourism: BermudAir announced new Caribbean expansion, including weekly nonstop service from Toronto to Turks and Caicos with continuing connections to Anguilla, plus new routes from BWI Marshall. Local Business & Community: The Bermuda National Trust unveiled a solar-panelled pergola at Waterville to cut carbon while preserving the Grade 1 listed building’s historic look.

Captive Insurance: California MGA Bamboo is redomesticating its captive back to Bermuda after a US move, citing Bermuda’s operational flexibility across fronting and reinsurance relationships. AI in Captives: Asurion’s captive leaders say AI should boost underwriting and claims, but with humans staying accountable for key decisions. Industry Milestone: Sony’s Bermuda captive marks 50 years, crediting long-term partnerships and Bermuda’s maturity. BMA Banking Rules: The BMA is consulting on tougher banking filing penalties—up to $10m—and is also exploring new banking models, with feedback due Aug. 1. Digital Finance: The BMA is looking at how stablecoins could fit Bermuda captives, building on last year’s allowance for stablecoins up to 25% of capital (with approval). Marine & Heritage: The Bermuda National Trust unveiled a solar-panelled pergola at Waterville to cut carbon while respecting the building’s Grade 1 landmark status. Aviation & Tourism: BermudAir expands Caribbean connectivity, including new Toronto–Turks and Caicos service continuing to Anguilla, plus other winter route additions and airport changes. Shipping Finance: DHT Holdings secured a new $250m reducing revolving credit facility to extend maturities and improve liquidity. People Moves: HDI Global appoints Simon Hunt CEO for UK & Ireland; Hamilton Global Specialty names Jamie Keaney to lead private clients.

Bermuda Captive Spotlight: At the Bermuda Captive Conference, Minister Jason Hayward stressed the “innovation plus sound regulation” balance as captives tackle cyber, climate and geopolitical risk, while speakers urged owners to run periodic “health checks” (especially for 3–7 year vehicles) and highlighted new uses like representations & warranties cover and BMA’s push to let captives hold approved stablecoins up to 25% of capital. Industry Moves: Convex secured FCA approval for its Kinetic Insurance Services MGA, expected to start trading in Q4 2026; Mereo began underwriting excess casualty energy policies acquired via Everen/Cedar Trace, with Carla Greaves leading the transitioned unit. Finance & Services: Fairfax priced a US$750m senior notes offering due 2056; Pinnacle Actuarial Resources acquired Bermuda’s Ordinance Holdings and Canada’s Grape Bay renewal rights. Aviation & Tourism: BermudAir expands winter flying from Boston and more US gateways, adding Belize, Turks & Caicos and Guatemala City, plus a Central Florida shift from Orlando International to Orlando Sanford. Local People & Community: Eight Bermuda College nursing graduates were pinned and are now eligible for NCLEX; Education Minister Crystal Caesar visited CedarBridge Academy. Marine & Sustainability: PwC Bermuda pledged five years of support for Living Reefs Foundation’s Coral Garden initiative.

Aviation & Tourism: BermudAir is relocating its Central Florida nonstop service from Orlando International (MCO) to Orlando Sanford (SFB) starting Oct. 2026, with Belize service from Dec. 21, plus record customer satisfaction (May NPS 78.92; Loyalty 91.83%) as it pushes further into the Caribbean. Aviation Expansion: The airline also announced new winter routes, including direct service to Grand Cayman (via Turks & Caicos) and non-stop Turks & Caicos, with tickets going on sale Friday. Healthcare Workforce: Eight Bermuda College associate-degree nursing graduates were pinned and are now eligible to prepare for the NCLEX amid ongoing staffing pressures. Captive Insurance Leadership: Thomas McMahon won the 2026 Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, highlighting decades of advocacy and leadership at Davies Captive Management. Insurance Services M&A: Pinnacle Actuarial Resources acquired Bermuda-based Ordinance Holdings and renewal rights for Canadian firm Grape Bay, expanding Pinnacle’s Bermuda-Canada footprint. Banking Regulation: The Bermuda Monetary Authority is seeking feedback on a future banking framework that could let foreign banks operate via local agents for narrower services. Housing & Planning: Bermudiana Beach change-of-use faces planning refusal over parking shortfalls, with some units proposed as “cycle-only.” Finance Leadership: Trebuchet Group appointed Heather Bisbee as Group Finance Director, based primarily in the UK.

Bermuda Captive Conference: The Bermuda Captive Conference kicks off in Hamilton with a theme of “Unlocking Markets. Commanding Risk,” expected to draw 530+ delegates and spotlight governance, alternative risk transfer, and AI as Bermuda’s captive ecosystem keeps expanding. Industry Leadership: Thomas McMahon of Davies Captive Management Bermuda wins the 2026 Fred Reiss Lifetime Achievement Award, while Aon’s Séadna Kirwan says Bermuda captives are attracting more Bermudians but still need more local talent, including accountants. Insurance Appointments: AXIS Capital names Austin Su head of alternative risk for North America, and Hamilton Global Specialty launches a Private Clients business with Jamie Keaney as Head of Private Clients. Data & Delegated Underwriting: VIPR Solutions brings executives to Bermuda to discuss digital tools for delegated authority underwriting and quota share reinsurance as MGA growth pushes demand for efficiency. Re/insurance Services M&A: Pinnacle Actuarial Resources acquires Ordinance Holdings and renewal rights for Grape Bay, expanding its Bermuda and Canada footprint. Construction & Infrastructure: Government issues an RFP for Southlands Seawall excavation and stabilization. Energy & Sustainability: Bermuda National Trust installs a solar pergola at Waterville to cut carbon while preserving the Grade 1 heritage building.

Caribbean Tourism in the Spotlight: Bermuda is among the destinations represented as Caribbean Week 2026 opens in New York, with ministers and industry leaders meeting under “One Caribbean: Infinite Experiences” to push resilience, connectivity and growth. Captive Insurance Leadership: Thomas McMahon received the Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, while the event also featured closed-door regulator sessions with the Bermuda Monetary Authority and a focus on unlocking more value from captives. Bermuda Captive Conference Momentum: Organisers expect 530+ delegates and 65 speakers, with themes spanning governance, alternative risk transfer and AI, plus updates on Bermuda’s captive market scale. Insurance Tech in Bermuda: VIPR Solutions executives are in Bermuda discussing delegated authority and quota share reinsurance, arguing that digital platforms are key as MGA growth and cost controls intensify. Coastal Construction RFP: Government issued an RFP for Southlands Seawall work, seeking a contractor to excavate and stabilize a vulnerable cliff face and build a concrete seawall. Energy & Sustainability: Bermuda National Trust installed a solar pergola at Waterville to cut carbon while preserving the Grade 1 listed building’s historic character. Local Talent & Community: In Motion School of Dance prepares its 29th recital, and Bermuda’s “Thoughts Become Things” won two Telly Awards for music and audience-voted film recognition.

Cruise & Hospitality: Virgin Voyages’ Valiant Lady is back from drydock with 10 redesigned spaces, including a reworked Ariya restaurant, refreshed onboard venues, and a bigger retail lineup—another signal of steady demand for Bermuda-linked travel. Offshore Energy & Industry: Eldorado Drilling agreed to buy Bermuda-based Vantage Drilling International in a $257.6–$258m all-cash deal, pairing Eldorado’s modern drillships with Vantage’s fleet and market presence. Renewables & Heritage: The Bermuda National Trust installed a solar pergola at Waterville, using clean power while keeping the Grade 1 building’s historic look intact. Local Energy Talent: Two Bermudian students won $25,000 each plus summer internships through the Department of Energy Bursary Programme, backing the next wave of technical and regulatory leaders. Captives & Risk Leadership: Conner Strong & Buckelew added Derek Martisus as partner for alternative risk and national captives, while Bermuda Captive Conference preparations point to 530+ delegates and a heavy focus on governance, ART and AI. Banking Deal: Carey Olsen advised Butterfield on its $1.8bn acquisition of CIBC Caribbean, setting up a larger regional banking and wealth platform across the Caribbean. Food Security: Government launched the “Grow Local” initiative to boost domestic production and reduce reliance on imported food.