AGP Executive Report

Competition & Market Fairness: Bermuda is consulting on a new “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 renamed Competition and Regulatory Authority. Insurance & Reinsurance Leadership: ABIR has named Elizabeth Breeze as its new Treasurer and refreshed its Finance Committee; SiriusPoint also appointed Ajay Parvatikar as VP for Reinsurance Technology Platforms & Transformation. Cyber Reinsurance Expansion: Envelop Risk received Lloyd’s in-principle approval to launch Envelop Syndicate 1925 from Jan 1, 2027, expanding beyond its current cyber treaty focus. Shipping & Construction Demand: Polaris Holding (Stevedoring Services) reported higher container and break-bulk volumes, with break-bulk imports tied to hotel renovations, mixed-use projects and affordable housing. Energy Debate: A Bermuda-based nuclear option op-ed argues net-zero goals may be hard to meet without nuclear power. Local Business & Finance: Brookfield Wealth Solutions pushed assets past $200bn after acquiring Just Group, while Polaris and other market updates point to steady activity. Sports & Community: Bermuda’s young athletes head to London training camps, and the Justice Lounge event connected law students with Bermuda’s justice system.

Energy & Engineering: Upstream’s contract-awards roundup highlights Abu Dhabi’s Adnoc Gas pushing Rich Gas Development phases 2 and 3, with Wison Engineering and Tecnimont landing major work, while Bermuda-headquartered Golar LNG continues FLNG momentum via a Seatrium LOI for a potential third conversion and a new conversion contract with Yantai CIMC Raffles Offshore. Shipping & Logistics: Bermuda’s Marine & Ports Services published the weekly arrivals schedule for Aug. 15 onward, listing cruise and cargo movements across the week. Insurance & Finance: Brookfield Wealth Solutions (Bermudian-based) says assets topped $200bn after completing its Just Group acquisition, while AM Best flags a tougher property-cat pricing backdrop but resilient returns for reinsurers. Regulation & Policy: Bermuda is consulting on a modern Competition Act 2026, with proposed rules targeting cartels and unfair conduct, plus a separate BMA update requiring police clearance certificates for “key persons” in AML/ATF-regulated financial institutions. Local Business & Community: Marex reports record adjusted profit after its Bermuda redomiciliation; the Bermuda Monetary Authority tightens “key person” vetting; and the Ministry of Justice hosts a “Justice Lounge” to connect law students and early-career counsel. Environment & Agriculture: Government restricts movement of kept birds after exotic imports (including emus) raised origin/health concerns, while campaigners urge Bermuda and the UK to protect the Sargasso Sea under the new High Seas Treaty. Sports & Training: Bermuda’s BNAA sends seven young middle- and long-distance runners to a London training camp, and VI Women notch their first ECVA Senior Championships win with Bermuda next on the schedule.

Justice & Talent Pipeline: The Ministry of Justice held “Justice Lounge: The Welcome Brief” at Deja View Restaurant, bringing law students, pupils and early-career counsel together with the Attorney-General and justice officials to discuss career paths. Insurance & Finance: Brookfield Wealth Solutions says assets are now over $200bn after completing its Just Group acquisition, with Q2 distributable operating earnings up 23% to $488m. Competition Law Watch: Bermuda is consulting on Market Fairness ahead of a proposed Competitions Act 2026, with potential criminal penalties for cartel conduct and merger review powers for a new authority. Reinsurance Market Signals: AM Best reports reinsurers met cost of capital for a third straight year, even as property-cat pricing softens. Marine & Trade: The Department of Marine & Ports Services published the weekly shipping schedule for Aug 15 onward, listing major cruise and container arrivals. Energy/Shipping Industry: Golar LNG is in talks with Seatrium on a potential third FLNG conversion project. Environment & Biosecurity: A temporary restriction on moving kept birds across Bermuda runs until Sept 21 after exotic bird import concerns, including emus. Education & Skills: STEAM Academy’s summer programme wrapped up, and Bermuda College signed an agreement with Hartpury University to create clearer overseas study pathways. Local Business/Community: A convenience store, pharmacy and ATM are proposed for St David’s as part of a Marginal Wharf consolidation plan.

Competition Law Consultation: Bermuda’s Ministry of Home Affairs has opened public consultation on “Market Fairness,” feeding into a proposed Competitions Act 2026 that could bring criminal penalties for hardcore cartel conduct, plus merger review powers for a renamed CRA with a dedicated healthcare unit. Environment & Biosecurity: The Department of Environment and Natural Resources has imposed a temporary restriction on the movement of all kept birds across Bermuda until Sept. 21 after reports of exotic birds entering without approvals, including emus; there’s no confirmed disease outbreak, but health status can’t be verified. Reinsurance & Finance: AM Best says Bermuda’s property-cat reinsurance market is seeing softer pricing, but returns are holding up thanks to stronger terms and higher attachment points; meanwhile, Sompo International’s Aspen integration helped lift Bermuda-headquartered Global Reinsurance Q1 revenue to $1.55bn. Shipping & Trade: Marine & Ports Services published the weekly shipping schedule from Aug. 15, listing multiple cruise and cargo arrivals. Energy Infrastructure: Golar LNG booked Seatrium for a potential third FLNG conversion, extending a long-running partnership. Local Business & Jobs: A convenience store, pharmacy and ATM are proposed for St David’s as part of a wider East End service push. Education & Workforce: Bermuda College signed an agreement with Hartpury University for a pathway via two years in Bermuda, and the STEAM Academy wrapped a summer programme with trades and electrical engineering career visits. Sports & Culture: Devil’s Isle Shakespeare will open its Warwick amphitheatre season with Romeo & Juliet on Aug. 29, and VI Women’s volleyball team faces Bermuda today after securing their first ECVA championship win.

Competition Law Watch: Bermuda is consulting on a new Competition Act 2026 that would crack down on price-fixing, market sharing and bid rigging, with criminal penalties up to $1m and five years, plus merger review by a revamped Competition and Regulatory Authority. Biosecurity & Farming: The Department of Environment has ordered a temporary restriction on the movement of all kept birds (including poultry and pet birds) until 21 Sept, after exotic birds such as emus were reportedly imported without confirmed approvals or health status. Marine & Trade: The Department of Marine & Ports Services published the weekly shipping schedule for arrivals starting Aug 15. Reinsurance & Finance: BMA is tightening “key person” vetting for AML/ATF regulated financial institutions, requiring police clearance certificates from Oct 1. Insurance Industry: AM Best says Bermuda’s reinsurance returns held up despite softer property-cat pricing, helped by stronger terms and higher attachment points. Energy/Shipping Infrastructure: Golar LNG has lined up a potential third FLNG conversion with Seatrium, building on its existing FLNG partnership. Local Business & Services: Plans for a convenience store, pharmacy and ATM are proposed for St David’s as part of a wider East End service push. Education & Workforce: The STEAM Academy summer programme wrapped up, including a new senior track with trades and electrical engineering career visits. Culture & Tourism: Devil’s Isle Shakespeare will open its amphitheatre season with a musical Romeo & Juliet on Aug 29. Sports: VI Senior Women’s volleyball in the ECVA championship faces Bermuda tonight (Aug 15).

Competition Law Update: Bermuda is consulting on a new Competition Act 2026 that would crack down on price-fixing, market sharing and bid rigging, with “hardcore cartel” breaches facing criminal penalties up to $1m and five years. Market Fairness Policy: The Ministry of Home Affairs says the framework will focus on harmful conduct, review mergers in essential sectors, and prioritise transparency as the draft law is shaped (consultation open to Sept 15). Biosecurity & Imports: The Department of Environment and Natural Resources has introduced a temporary restriction on movement of all kept birds until Sept 21, after exotic birds (including emus) were reportedly imported without confirmed approvals or health status. Financial Services Compliance: The BMA is tightening “key persons” vetting for AML/ATF regulated financial institutions, requiring police clearance certificates for relevant individuals in applications from Oct 1. Reinsurance Outlook: AM Best warns property-cat pricing is declining, but says Bermuda reinsurers are still meeting cost of capital thanks to stronger terms and attachment points. Energy/Shipping Industry: Golar LNG (Bermuda-headquartered) is advancing a potential third FLNG conversion with Seatrium, building on its existing FLNG fleet and EPC planning. Education & Skills Pipeline: The STEAM Academy wrapped its summer programme, including a new senior track with trades and electrical engineering career visits. Local Business Development: Plans for a convenience store, pharmacy and ATM in St David’s were announced, tied to private-sector investment in the East End.

Bird Health Precaution: Bermuda’s Department of Environment and Natural Resources has temporarily restricted movement of all kept birds across the island until 21 September 2026, after an investigation into exotic birds (including emus) found without confirmed approvals or health status—no disease outbreak is reported, but the move is meant to reduce risk. Competition Law Push: The Ministry of Home Affairs has launched a public consultation on a Market Fairness policy that will underpin a proposed Competition Act 2026, aimed at tackling harmful conduct and reviewing certain mergers in essential sectors. Reinsurance Outlook: AM Best says Bermuda’s property-cat reinsurance market is seeing softer pricing, but stronger terms and attachment points are helping reinsurers meet their cost of capital for a third straight year. LNG Expansion: Golar LNG (Bermuda-headquartered) has lined up a potential third FLNG conversion with Seatrium and also booked an EPC deal for a fourth FLNG unit (MKII design) with a ~US$2.45bn budget and delivery expected by year-end 2029. Financial Services Vetting: The Bermuda Monetary Authority is tightening “key person” requirements for AML/ATF regulated financial institutions, adding police clearance certificates for relevant individuals in applications from October 1. Local Business & Community: Plans were announced for a convenience store, pharmacy, and ATM in St David’s, while environmental groups raised concerns over a proposed 27-unit seniors development in Warwick affecting protected reserves. Workforce & Education: STEAM Academy wrapped its summer programme, and Bermuda College highlighted progress through its Insurance-Linked Securities training and internship pathways.

BMA Compliance Update: The Bermuda Monetary Authority is tightening “key person” vetting for AML/ATF regulated financial institutions, requiring police clearance certificates for each relevant individual in applications from Oct. 1 (certificates must be no more than 12 months old). Insurance & Finance: Marex, which redomiciled to Bermuda on July 1, says it’s already seeing results—record adjusted profit before tax of $318m for the first half and a record Q2, with growth across segments. Re/Insurance Industry Moves: Hamilton Princess says services are running normally after a short housekeeping staff stand-off that was resolved after talks with management and the BIU. Energy & Shipping Risk: Marine insurers Gard P&I (Bermuda) and Skuld are withdrawing expanded war-risk cover in parts of the Red Sea/Gulf of Aden/Indian Ocean, effective Aug. 16. Tech & Infrastructure: Blue Origin tested the first Quartz ground stations for its global communications network, with Bermuda listed as one of the initial sites. Education & Workforce: Bermuda College and Hartpury University sign a pathway agreement, while the ILS Bermuda College programme marks another cohort completion and internships. Local Business & Community: A St David’s proposal would bring a convenience store, pharmacy and ATM alongside warehousing consolidation. Tourism & Hospitality: Hamilton Princess recognises 29 summer interns for work across resort departments. Sports Hosting: Bermuda’s Davis Cup return is locked in for Sept. 19–20 against Mexico at W.E.R. Joell Tennis Stadium.

Workforce & Skills: Thirteen Bermuda College students completed the 2025–2026 Insurance-Linked Securities programme, earning the second-ever completion certificate and landing competitive summer internships with the Bermuda Monetary Authority, Hiscox ILS, Marsh, Price Forbes Re, Chubb and Liberty Mutual. Hospitality & Labour: Hamilton Princess & Beach Club says a housekeeping staff walkout was an “internal workplace matter” now resolved, after more than 20 staff downed tools for about half a day with BIU involvement. East End Development: Southside Holdings’ proposal for St David’s would bring a convenience store, pharmacy and ATM alongside warehousing consolidation at Marginal Wharf, aiming to deliver long-awaited local services and jobs. Planning Watch: Environmental charities have objected to a Warwick seniors housing plan on Leith Hill Lane, arguing it intrudes on agricultural and woodland reserves. Marine Insurance: Gard P&I (Bermuda) and Skuld are withdrawing expanded war-risk cover in the Red Sea, Gulf of Aden and Indian Ocean from Aug 16, tightening protection for affected shipping routes. Energy/Shipping Finance: Golar LNG (Bermuda-headquartered) signed an EPC deal for its 4th FLNG (3.5 mtpa) with CIMC Raffles, budgeting about $2.45bn and targeting delivery by year-end 2029, alongside a declared $0.25/share dividend (record Aug 24). Road Safety: Bermuda’s transport minister unveiled a strategy to cut road deaths and serious injuries by 50% by 2030, backed by stepped-up enforcement and speed cameras. Connectivity & Tech: Google announced three new Americas subsea cable systems linking Chile, Panama, the Dominican Republic, Bermuda and Florida as part of its Americas Connect network. Sports Business: Bermuda’s Davis Cup return is officially set for Sept 19–20 against Mexico at W.E.R. Joell Tennis Stadium, with HSBC Bermuda, Government and the Bermuda Tourism Authority backing the event.

Insurance & Reinsurance Leadership: AXA XL appoints Matt Waters to head its Large Commercial and Specialty unit across the US, Canada and Bermuda, aiming to sharpen underwriting discipline and drive profitable growth. Bermuda as a Reinsurance Hub: Mangrove Property Insurance sets up Grove Re Ltd., a Bermuda-domiciled Class 3A reinsurer to support its Florida-focused risk transfer and capital efficiency strategy. Local Business & Jobs: SkillCraft’s six-week youth internship program wraps up with 15 students gaining hands-on social media and workplace experience, including a day shadowing Digicel teams. Government & Infrastructure: Mangrove Bay Post Office reopens after nearly a year of renovations, including reinforced flooring, upgraded IT and improved accessibility. Tech & Connectivity: Google announces Americas Connect, adding three new subsea cable systems that include a direct link from the Dominican Republic to Bermuda (Canoa), boosting redundant routes for cloud connectivity. Sports Tourism: Bermuda gets the green light to host the Davis Cup return—Bermuda vs Mexico at W.E.R. Joell Tennis Stadium on Sept 19–20, with HSBC Bermuda, the Government and the Bermuda Tourism Authority backing the event. Energy Policy Watch: A new solar facilities charge is drawing scrutiny after Belco’s rates increased for solar households, raising questions about whether the structure matches the Electricity Act’s requirements. Road Safety: Police confirm a fatal collision involving a 63-year-old visitor on Middle Road, while road-safety calls continue for stronger enforcement and faster action.

Subsea Connectivity: Google unveiled “Americas Connect,” a mesh of three new cable systems (Alisios, Canoa, OlaLuz) plus a Firmina branch, positioning the Dominican Republic as the hub and linking onward routes that include Bermuda—aimed at boosting reach, reliability and resilience for cloud connectivity. Aviation & MRO Demand: A look at the UAE’s growing aircraft maintenance, repair and overhaul ecosystem highlights how airlines’ delivery backlogs are pushing more work into engines, components and technical services. Re/Insurance Expansion: Mangrove Property Insurance’s Bermuda-domiciled Grove Re Ltd. is set up to strengthen risk transfer and capital efficiency for Florida property business, while Biltir promoted Husayn Symonds to membership and stakeholder engagement. Education Pathways: Bermuda College signed a new 2+2 agreement with UK’s Hartpury University and Hartpury College, letting students complete early years locally before progressing abroad at reduced cost. Energy Policy Clash: A critique of Belco’s new solar facilities charge argues the flat rate doesn’t match the Electricity Act’s bill transparency requirements and may discourage rooftop solar build-out. Local Business & Logistics: Cove.bm, launched by Bermuda engineer Tim Vieira, is an Amazon-style local purchasing and same-day delivery service. Road Safety: Bermuda marked another fatal collision, and a separate commentary presses Government to turn road-safety meetings into enforceable, scheduled action.

Bermuda Re/Insurance Expansion: Mangrove Property Insurance has formed Bermuda-domiciled Grove Re Ltd. (Class 3A) to strengthen risk transfer, capital efficiency and long-term underwriting for Florida. Bermuda Industry Appointments: Husayn Symonds promoted to membership and stakeholder engagement officer at Biltir, boosting engagement across Bermuda’s long-term re/insurance sector. Local Hospitality & Planning: The Loren Hotels filed in-principle plans to restore and redevelop Elbow Beach Hotel into a luxury resort with guestrooms and villas, targeting a 2029 opening. Bermuda Workforce & Skills: Fifteen students complete the SkillCraft Youth Internship, gaining social media marketing skills and workplace confidence through placements and coaching. Road Safety & Public Accountability: OBA’s Jarion Richardson presses Government to turn an urgent road-safety meeting into clear enforcement timelines and responsible delivery. Government Procurement: Bermuda seeks suppliers for additional fire trucks under a 2027-28 fleet renewal programme. Tech & Connectivity: Google announced three new Americas subsea cable systems, including a Bermuda-linked route (Canoa) connecting the Dominican Republic to Bermuda. Reinsurance Market Watch: AM Best warns global reinsurance is at a critical inflection point as record capital meets rising competition and pricing pressure. Energy/Infrastructure: Bermuda-headquartered Seadrill adds contract backlog via rig and drillship awards/extensions in the U.S. Gulf and Malaysia.

Bermuda Reinsurance Watch: Mangrove Property Insurance has launched Bermuda-domiciled sidecar Grove Re Ltd. as a Class 3A insurer, aiming to boost risk transfer efficiency and capital use for its Florida-focused underwriting. Local Regulation & Finance: The BMA is consulting on rules that would require banks to seek ministerial clearance before changing certain consumer-facing fees, with potential objections blocking the move. Banking Access: The BMA is also consulting on amendments to require eligible legal residents to be offered basic bank accounts, with details to be set in regulations. Public Procurement: Government has published an RFP to buy additional fire trucks for the Bermuda Fire and Rescue Service, with up to six Class B fire pumpers targeted for 2027-28. Aviation Safety Tech: DeTect won a contract to supply MERLIN True3D bird detection radar for Soekarno-Hatta Airport in Jakarta, expanding real-time wildlife hazard alerts. Reinsurance Market Outlook: AM Best says global reinsurance is at a “critical inflection point,” warning that record capital and competition could erode underwriting discipline. Hospitality Development: The Loren Hotels has applied for in-principle approval to redevelop Bermuda’s Elbow Beach Hotel into a luxury resort with 76 guestrooms and 22 villas, targeting a 2029 opening. Industry People: Butterfield’s 2026 summer internship programme wrapped up with 10 Bermudian undergraduates gaining experience across banking and finance roles. Energy & Offshore: Seadrill, headquartered in Bermuda, reported Q2 results and new contract awards/extensions adding about $200m to backlog. Crypto Risk Coverage: Relm’s distribution chief warns that redomiciling to Dubai doesn’t remove MiCA exposure for firms still serving EU users, with common gaps in director liability and wallet/custody coverage.

Cost-of-living row: OBA senator Victoria Cunningham says the government is misrepresenting a Senate vote on the Cost of Living Commission Amendment, arguing the real decision was to defer third reading for scrutiny. Public safety procurement: Government has published an RFP to buy up to six Class B fire pumpers for delivery in 2027-28, with proposals due Aug. 18. Insurance & reinsurance: AM Best warns record reinsurance capital could trigger “irrational” competition and a return to soft-market pricing; it flags a key test in the next 12 months. Banking access: The Bermuda Monetary Authority is consulting on rules that would require banks to get ministerial clearance before changing certain consumer fees, and separately is consulting on introducing basic bank accounts for eligible residents. Local finance talent: Butterfield’s 2026 summer internship programme has wrapped, placing 10 Bermudian undergrads across retail, corporate/private banking, asset management, consumer credit, card services and HR. Energy infrastructure: A lane closure is set for North Shore Road near Shelly Bay (Aug. 10-15) for inspections tied to the SOL-to-BELCO fuel transmission line. Tourism & labour: Talks ended an industrial action sit-out by Hamilton Princess housekeeping staff after a three-hour stand-off with the Bermuda Industrial Union. Aviation tech: DeTect won a contract to supply MERLIN True3D bird detection radar for Soekarno-Hatta Airport in Jakarta.

Leadership Change in Reinsurance: Legal & General Reinsurance has named Tom Ault as CEO, succeeding Amy Ellison, as Bermuda’s institutional retirement business keeps scaling. Market Discipline Watch: AM Best flags a key question for global reinsurance—can underwriting stay disciplined amid record capital, or will “irrational” competition bring back a soft cycle? Banking Access Oversight: The Bermuda Monetary Authority is consulting on rules that would require banks to seek ministerial clearance before changing certain consumer fees, and separately proposes an obligation to provide basic bank accounts. Life Reinsurance Scale: New research says Bermudian reinsurers back a big share of US life and annuity liabilities ceded offshore—41% of ceded US life liabilities as of end-2025. Labour & Tourism Tension: Hamilton Princess housekeeping staff staged a sit-out and management agreed to talks with the Bermuda Industrial Union. Public Works Update: Demolition work at the historic Sessions House is set to begin within weeks, with reopening targeted in about four years. Climate Governance: Bermuda’s climate change task force is reported to have been inactive for nearly 18 months, with the minister saying it will be reinstated. Community & Youth: Butterfield wrapped up its 2026 summer internship for 10 Bermudian students, and youth camps ran under a “Be Kind, Be Brave, Be Bold” theme. Marine Economy Debate: Stakeholders met the environment minister over the Blue Ocean Prosperity Programme and BOPP marine protected areas, with fishermen divided on the plan. Shipping & Local Disruption: A weekly shipping schedule was released, and a Hamilton Parish lane closure is planned for fuel line inspections.

Offshore Energy & Finance: Seadrill posted Q2 2026 results, citing about $200m added to contract backlog via U.S. Gulf and Malaysia awards, plus a repurchase extension through Dec. 31, 2026 and debt refinancing that pushes maturities out to 2034. Tourism & Local Jobs: The PLP welcomed the opening of the Palmetto Beach Club at Fairmont Southampton, framing it as a milestone for tourism and Bermudian employment. Infrastructure & Utilities: A Hamilton Parish lane closure on North Shore Road near Shelly Bay runs Aug. 10–15 for inspections of a fuel transmission line feeding SOL to BELCO. Energy Policy: Government says the National Electricity Sector Policy 2026 was strengthened after consultation, with affordability and fair cost-sharing highlighted as key priorities through 2045. Marine Economy: Stakeholders met the environment minister over the Blue Ocean Prosperity Programme/BOPP, with fishermen pushing back on proposed no-fishing marine protected areas. Offshore Insurance Regulation: U.S. regulators move toward tighter capital rules for life reinsurance ceded to Cayman, a direct pressure point for Bermuda’s offshore life reinsurance leadership. Logistics: Marine & Ports Services published the weekly shipping schedule for arrivals starting Aug. 8. Local Business & Services: PadsPass, a Bermudian pet travel document platform, won “Pet Start Up of the Year,” citing rapid subscription growth and Bermuda as its biggest traffic market. Public Notices: Bermuda’s official notices include Civil Aviation Authority budget approval for FY 2025/26 and acting appointments in Public Works and Environment.