AGP Executive Report

Affordable Housing: The House of Assembly approved Bermuda’s Affordable Housing Strategy 2025-35 after a four-hour debate, targeting 950–1,350 new homes by 2035 and citing early site progress plus alternative building methods like precast. Digital Identity: Government is exploring a digital identity framework “for meaningful benefits” (not yet implementation), with a Request for Supplier Qualifications due Monday and a focus on privacy, governance, trust, and consultation. Competition Act Prep: Deloitte has been appointed to assess how Bermuda’s Competition Act could cut the cost of living and improve business conditions, with an independent report expected by end of October. Energy for Renters: The Balcony Solar Pilot Programme will test compact solar units for homes without rooftop options, with site assessments underway and landlord permissions required. Construction Milestone: Luscar Place hit topping-out after installing the final structural steel element; the project is already over 50% leased. Workforce & Education: Bermuda College opened a new Department of Workforce Development HQ, and a new electrical engineering pathway lets students start locally before transferring to Dalhousie for year two. Insurance & Finance: Everest completed sale of its Canadian retail operations to Wawanesa; HSBC launched HSBCnio for corporate banking; and BMA Community Day saw 230 staff volunteer with local charities.

Public Finance Update: Premier David Burt told the House Bermuda has shifted from “record” deficits to an economy that’s growing, with a preliminary 2025-26 budget surplus of $169.6m and revenue projected at $1.57b. Digital Identity Watch: Government is starting an exploratory process on a Bermuda digital identity framework, with an RFSQ to map legal and governance considerations—no decision to implement yet. Education & Skills Pipeline: Bermuda College and Dalhousie launched an electrical engineering pathway so students can complete year one locally and transfer into year two in Halifax. Workforce Development: The Department of Workforce Development opened new HQ at Bermuda College, aiming to connect classroom training to workplace needs. Insurance & Risk Capital: Everest Group completed the sale of its Canadian retail operations to Wawanesa, forming WSI to continue specialty lines. Policy & Consumer Protection: Education authority legislation is set to be tabled, alongside affordable housing strategy approval and updates to health professions complaints rules; Aaron Crichlow was appointed Consumer Affairs Board chair. Tech in Finance: HSBC launched HSBCnio, an AI-enabled digital banking layer for corporate and institutional clients. Industry Moves: Ascot announced three executive leadership appointments. Life & Reinsurance Market: Zurich completed its Beazley acquisition and named a new Beazley CEO, while MS Re discussed underwriting discipline amid softer US property pricing. Community & Food Security: Bermuda Is Love is rolling out a “Don’t Go Hungry” push for universal school breakfast programs.

Workforce & Education: Bermuda College cut the ribbon on the new Department of Workforce Development HQ in Paget, pitching it as a “classroom to workplace” bridge to make career pathways clearer and keep developing Bermudian talent. Consumer Protection: Aaron Crichlow has been appointed chair of the Consumer Affairs Board, tasked under the 1999 Consumer Protection Act with tackling misleading or exploitative trading practices. Insurance & Risk: Mosaic says it’s expanding political violence coverage into Europe via its Cologne base, offering up to €100m syndicated capacity for property and liability risks. Banking Modernisation: The Bermuda Monetary Authority is weighing new banking models to modernise and diversify the sector, including options aimed at supporting Bermuda’s digital asset economy. Energy & Grid: Bermuda’s virtual power plant discussion continues, with public calls for clearer information as the trial faces scrutiny. Marine Science: New deep-ocean data tied to Bermuda’s observatory shows hurricanes can push sand, nutrients and pollution far offshore, with implications for carbon trapping. Training & Logistics: Stevedoring Services reports eight dock workers completing a Caribbean port-worker training programme in Bermuda. Tech Finance: AsiaStrategy and Plume sign a non-binding MoU to explore a tokenised financial products joint venture across Asia.

Consumer Protection: Aaron Crichlow has been appointed chairman of Bermuda’s Consumer Affairs Board, effective Sept. 11, bringing legal credentials and community leadership to the watchdog’s mission to curb misleading or exploitative trading. Insurance & Risk: Mosaic Insurance says it has expanded political violence coverage into Europe via its Cologne, Germany base, offering up to €100m in syndicated capacity for property and liability risks tied to terror, sabotage, riots and war perils. Government & Business Costs: Economy and Labour Minister Jason Hayward told the Bermuda Life and Annuity Conference the Government is reconsidering import duties and looking at alternatives to lower costs for small service businesses, alongside moves to ease payroll tax and address the housing squeeze. Reinsurance/Capital Services: Marsh launched “Archer by Marsh,” aimed at helping asset managers and life and annuity insurers set up and run reinsurance vehicles using shared infrastructure and Bermuda-based leadership. Workforce & Ports: Stevedoring Services says eight employees completed a two-week port-worker training programme in Bermuda with the Port Management Association of the Caribbean and Caribbean Maritime University. Education Pathways: Bermuda College and Dalhousie University signed an engineering articulation agreement letting students complete year one locally before transferring into year two in Halifax. Tech & Legal: Bermudian barrister Zakkiyah Daniels is using AI to fight AI with BotOut, designed to flag risky words in student work to reduce false AI-detection claims. Energy & Safety: Bermuda Fire & Rescue is teaming up with the NFPA for Fire Safety Awareness Week (Oct. 5–9), focused on safe charging habits for lithium-ion devices.

Insurance & Risk: Bermuda-based MGA Banyan Risk is launching Red Fox Risk, a new underwriting venture targeting wildfire-exposed commercial properties and high-value homes in California and the wider Western US, with up to $10m in non-admitted primary limits backed by Lloyd’s capacity and reinsurance partners. Port & Logistics Skills: Stevedoring Services Limited (SSL) says eight employees completed a two-week port-worker training programme in Bermuda with the Port Management Association of the Caribbean and Caribbean Maritime University, qualifying them to work across Caribbean docks. Industrial Real Estate: Rockpoint and Rockpoint Industrial have bought the Richmond Trade Center industrial campus in Chesterfield County for $108m, a deal tied to Bermuda Hundred Road and leased for tobacco storage. Energy & Grid Modernisation: Bermuda’s debate over a proposed virtual power plant continues, with public calls for clearer information as the island weighs technical trials against regulatory and utility scrutiny. Re/Insurance Leadership Moves: Ascot Group reshuffled top roles effective Oct. 1, promoting Mark “Sarge” Pepper and Elizabeth Johnson, while also naming a new consumer solutions president. Public Safety: Bermuda Fire & Rescue Service is partnering with the NFPA for Fire Safety Awareness Week (Oct 5–9), focusing on safe charging habits for lithium-ion devices. Health Costs: The Bermuda Trade Union Congress is urging Government to fully cover health insurance premiums from April 1, 2027, and proposes a rebate pilot for other insurers.

Bermuda Energy & Grid: A virtual power plant proposal (“Mesh”) is back in the spotlight as residents and stakeholders press for clearer details and smoother public engagement around how the trial would work and who benefits. Insurance & Regulation: US regulators are mulling tougher capital rules for offshore life reinsurance, with NAIC chief Scott White warning that some deals can leave insurers short of US-style capital. Industry Leadership: Ascot Group reshuffled its executive structure—Mark “Sarge” Pepper promoted to president, global underwriting; Elizabeth Johnson to president, specialty insurance and reinsurance; and Chris Flatt set to lead a new consumer solutions unit. Reinsurance Expansion: Marsh launched “Archer by Marsh,” aiming to help asset managers and life/annuity insurers set up and run reinsurance vehicles with shared infrastructure and Bermuda-based leadership. Public Sector Finance: The Auditor-General says government receivables total nearly $500m, with the Tax Commissioner owed the lion’s share. Community & Safety: Bermuda Fire & Rescue teams up with NFPA for Fire Safety Awareness Week (Oct 5–9), focusing on safe charging habits for lithium-ion devices. Culture & Heritage: Sessions House restoration is underway, with early work to assess the building and plan repairs before a multi-year restoration. Sports & Environment: Bermuda’s Piton Boyz bounced back in CONCACAF Nations League play, while Andrew Stevenson’s humpback documentary won top honours at a global film festival.

Insurance & Regulation: Bermuda’s long-term insurance sector is under the microscope and the spotlight, with the Auditor-General flagging $481.56m in uncollected government receivables (led by the Tax Commissioner) and NAIC chief Scott White warning US regulators are considering tougher capital rules for some offshore life reinsurance deals. Labour & Cost of Living: The Bermuda Trade Union Congress is pushing for Government to fully cover health insurance premiums from April 1, 2027, funded via corporate income tax, plus a rebate pilot for other insurers. Healthcare & Infrastructure: Bermuda Healthcare Services is moving toward commissioning a new Siemens AI-enhanced MRI, while the AG says a Westgate Correctional Facility water disruption is now “under control.” Corporate Moves: Ascot Group announced executive promotions and a reshuffle across underwriting and specialty insurance, with Mark “Sarge” Pepper and Elizabeth Johnson taking expanded roles. Industry & Business: Sun Life launched Sun Life Bermuda Limited to expand into participating life products. Construction & Planning: Planning activity includes a UK Space Agency telescope installation at Cooper’s Island, and Bermuda’s restoration work at Sessions House is underway.

Youth Services & Accountability: Opposition MP Robin Tucker pressed Government to explain why it was “unaware” of a US Senate Finance inquiry into troubled teen facilities used for vulnerable Bermudian children, arguing Bermuda keeps spending millions sending youngsters abroad without building local therapeutic capacity. Public Finance Oversight: Auditor-General Heather Thomas flagged $481.56m in uncollected government receivables as of March 31, 2025, urging departments to move from reporting to recovery. Corrections & Infrastructure: Attorney-General Kim Wilkerson told the Senate Westgate’s water shortage is “under control” after repairs restored supply, with interim sanitation and security measures during the disruption. Healthcare Investment: Bermuda Healthcare Services is running final checks on a new Siemens AI-enhanced MRI, expected to be in full use within days. Insurance Regulation & Capital: At the Bermuda International Life & Annuity Conference, NAIC president Scott White said US regulators are “mulling tougher capital rules” for offshore life reinsurance and tightening scrutiny of private credit. Superyachts & Tourism: Bermuda is using its third Monaco Yacht Show year to convert interest into longer stays and more charter activity, with 80+ yachts visiting and about 30% carrying guests. Planning & Tech: A UK Space Agency application seeks permission for three telescope systems at Bermuda Airport Authority property in Cooper’s Island. Maritime Policy: Yacht captains urged Prime Minister Gaston Browne to withdraw a resolution supporting commercial whaling. Corporate Moves: The Fidelis Partnership filed for a US IPO, while Helios Investment Partners announced regulatory-approved sale of Africa Specialty Risks to Vitruvian.

Correctional System Reform: Attorney-General Kim Wilkerson told the Senate that 27 of 75 Detention Standards Review Panel recommendations are implemented, with 29 more in planning, while citing steady “un-glamorous” work to make Westgate safe and humane. Prison Operations Update: She also said a Westgate water disruption is now “under control” after urgent plumbing repairs shut off supply at intervals; interim sanitation and security measures were used while repairs were completed Sunday. Insurance & Capital Markets: Bermudian-domiciled The Fidelis Partnership filed for a New York Stock Exchange IPO, with the Hamilton-based MGAs underwriter reporting strong recent earnings and premium growth. Reinsurance Dealmaking: Helios Investment Partners received regulatory approval to sell Africa Specialty Risks to Vitruvian Partners, highlighting Bermuda-linked reinsurance capacity. Shipping & Fleet Modernisation: TEN, Ltd. reported sale of its oldest Panamax tanker and progress on a newbuild programme with five technology Panamaxes ordered. Retail Demand Signals: Bermuda’s retail sales volume fell 3.2% in April, with building materials down 17.5% year-on-year. Housing Procurement Scrutiny: Opposition raised concerns over affordable housing procurement after no-bid contract awards, pressing for transparency and best value. Education & Workforce Pipeline: Athene awarded full scholarships to five Bermuda College students for 2026-27, backing business administration studies. Infrastructure & Logistics Planning: Plans were submitted for a Marginal Wharf warehouse/retail/office development aimed at boosting distribution resilience. Local Sports: Bermuda Karting Association opened its 2026–27 season with 37 karts.

Retail & Consumer Demand: Bermuda’s retail sales volume fell 3.2% in April, the first drop in six months, with building materials stores down 17.5% and apparel down 6.7%, while liquor stores rose 6.1% and boat/marine supplies jumped 100.8%. Natural Resources & Public Spending: A reported rattlesnake sighting triggered nearly $67,000 in public spending, including a specialist fire ant response, but officials found no physical traces of the snake. Housing & Procurement: The Government faced fresh scrutiny over affordable housing procurement after no-bid contracts were awarded, with the Opposition pressing for transparency and value-for-money. Planning & Logistics: Marginal Wharf developers submitted plans for a three-storey distribution warehouse, retail store and offices (about 173,000 sq ft), aiming to boost retail distribution resilience. Employment Law: The Employment Amendment (No. 2) Act 2026 passed, strengthening protections for employees during rest periods and adjusting tribunal timelines. Skills Pipeline: BAS expanded its student training after completing Otis Elevator’s summer programme, with more placements planned across BAS subsidiaries. Insurance Sector: NAIC defended state-based insurer oversight amid private credit scrutiny, while Bermuda-linked TFP filed for a US IPO. Education & Scholarships: Athene awarded full scholarships to five Bermuda College students for 2026-2027, supporting associate degrees in business administration.

Employment Law Update: Bermuda passed the Employment Amendment (No. 2) Act 2026, tightening protections for workers during leave or “off duty,” adjusting civil penalty timelines, and extending when tribunal decisions must be delivered. Public Finance Watch: An Auditor General audit says Government accounts receivable rose from $405m (2023) to $482m (2025), creating a growing bad-debt risk and tying the balance to about $7,531 per resident. Affordable Housing Pipeline: The House heard progress on Dr. Cann Park II, with 110 senior-focused rental units in Southampton, plus the Bermuda Affordable Housing Strategy 2025–2035 tabled in Parliament. Energy Sector Planning: Home Affairs tabled the National Electricity Sector Policy 2026 (through 2045) and supporting documents, including an independent report on electricity cost drivers. Insurance & Reinsurance: PwC Bermuda’s Damian Cooper says Japanese insurers increasingly view Bermuda as a long-term reinsurance partner as Asia ties deepen. Digital Assets in Bermuda: STS Digital won Digital Asset Provider of the Year at FOW, adding to its rapid run of awards after expanding products and licensing. Health Services: BHCS invited the public to see its new Siemens MAGNETOM Flow.Neo MRI system at a community open house. Shipping: Marine & Ports Services released the weekly schedule for arrivals starting Sept. 26.

Employment & Labour: The House passed the Employment Amendment (No. 2) Act 2026, strengthening protections for workers during leave/off duty, adjusting civil penalty timelines, and extending delivery of tribunal decisions. Public Finance: An Auditor General audit says Government accounts receivable rose from $405m (2023) to $482m (2025), flagging growing, ageing debts as a financial risk. Affordable Housing: Government is advancing Dr. Cann Park II, adding 110 senior-focused rental units in Southampton, via a Bermuda Land Management Corporation Amendment Act. Housing Strategy: The Bermuda Affordable Housing Strategy 2025–2035 was tabled in Parliament, outlining delivery, derelict property rehabilitation, and reactivating underused stock with more public-private partnership emphasis. Energy Policy: Home Affairs tabled the National Electricity Sector Policy 2026 (to 2045) plus a ministerial direction and an independent report on electricity cost drivers. Skilled Trades Training: BAS expanded its student programme after Otis summer placements, with plans to roll out more hands-on training across BAS subsidiaries. Insurance & Reinsurance: Fitch expects more moderate property catastrophe price declines at January 2027 renewals, with contract terms likely to loosen. Digital Assets: STS Digital won Digital Asset Provider of the Year at FOW, adding to multiple recent awards as it expands institutional digital asset infrastructure. Community & Health Tech: BHCS held a community open house to showcase its new Siemens MAGNETOM Flow.Neo MRI system.

Affordable Housing & Seniors: Government advanced the Dr. Cann Park II project, adding 110 senior-focused rental units in Southampton, via a Bermuda Land Management Corporation amendment, while the broader Bermuda Affordable Housing Strategy 2025–2035 was tabled in Parliament with a push toward public-private partnerships and better housing intelligence. Electricity Policy: Home Affairs tabled the National Electricity Sector Policy 2026 (to 2045) plus a ministerial direction and an independent report on electricity-cost drivers, aiming for affordability tied to measurable customer outcomes. Reinsurance & Risk Markets: Fitch signalled more moderate property-cat price declines for January 2027 renewals, with contract terms likely to loosen; meanwhile the BMA is drafting amendments to create a fully-collateralised parametric special purpose insurer class. Digital Assets & Finance: STS Digital won Digital Asset Provider of the Year from Futures & Options World, adding momentum after its QIS platform launch and full BMA licensing. Skills & Training: BAS expanded its Otis summer student programme and plans more hands-on placements across its subsidiaries. Community & Health: BHCS held an open house for its new Siemens MAGNETOM Flow.Neo MRI, and the Seniors Expo 2026 runs Oct 1 at Bermuda College. Industry Watch: PwC Bermuda sees growing opportunity for Japanese life reinsurance ties with Bermuda. Local Shipping: Marine & Ports Services published the weekly schedule for arrivals starting Sept 26. Culture: OED added Bermudian and Caribbean terms, including “bimpert” and “hornerman.”

Digital Assets & Finance: STS Digital won Digital Asset Provider of the Year from Futures & Options World, its fourth award in under a year, as it builds institutional-grade liquidity and expands products including a QIS platform. Affordable Housing: Government is pushing forward the Dr. Cann Park II project, adding 110 senior-focused rental units in Southampton via a Bermuda Land Management Corporation amendment. Housing Strategy: The Bermuda Affordable Housing Strategy 2025–2035 was tabled in Parliament, outlining delivery, derelict property rehabilitation, and reactivating underused stock with more public-private partnership and accountability. Energy Policy: Home Affairs tabled the National Electricity Sector Policy 2026 (to 2045) plus a ministerial direction and an independent report on electricity cost drivers. Reinsurance & Risk: Fitch says January reinsurance renewals may see more moderate property-cat price declines, with contract terms likely to loosen. Health Tech: BHCS is hosting a community open house to showcase its new Siemens MAGNETOM Flow.Neo MRI system. Shipping & Logistics: Marine & Ports Services published the weekly schedule for arrivals starting Sept. 26. Industry Skills: BAS expanded its student training after completing Otis’ summer programme, with more placements planned across its subsidiaries. Public Debate: A long-delayed House of Assembly debate on historical land losses (“systemic land grabs”) is set to proceed.

Electricity Policy: Home Affairs Minister Alexa Lightbourne tabled the National Electricity Sector Policy 2026, a ministerial direction for the regulator, and an independent report on electricity cost drivers—setting the roadmap to 2045. Skilled Trades Pipeline: BAS Group expanded its student training after completing Otis Elevator (Bermuda)’s summer programme, with more placements planned across BAS Facilities Management, Weir Enterprises and Cedar Isle Cleaning. Parametric Insurance Push: The BMA is drafting amendments to create a new parametric special purpose insurer class, aiming for Q4—built for faster payouts after triggers like wind or rainfall. Reinsurance Outlook: Fitch says January 2027 property catastrophe renewals may see further, but more moderate, price declines, with contract terms likely to loosen. Local Healthcare Upgrade: BHCS invited the public to see its new Siemens MAGNETOM Flow.Neo MRI system at a community open house, highlighting comfort and efficiency improvements. Youth Funding: The Office of Youth Affairs opened three 2026-27 funding streams—grants, investments and event sponsorships—for youth-led ideas and programmes. Aging Well: Seniors Expo 2026 returns Oct 1 at Bermuda College, focused on longevity and healthy ageing. Private Client Recognition: Gina Pereira won the STEP Geoffrey Shindler Award for her work supporting Bermuda’s private client and fiduciary framework.

Bermuda Reinsurance in Asia: PwC Bermuda’s Damian Cooper says Japanese insurers increasingly view Bermuda long-term reinsurance as a key partner for capital diversification and risk expertise, with Japan now accounting for 11% of business ceded to the sector. Skilled Trades Pipeline: BAS Group is expanding its student training after Otis Elevator (Bermuda) completed a summer programme, with more hands-on placements planned across BAS Facilities Management, Weir Enterprises and Cedar Isle Cleaning. Healthcare Infrastructure: BHCS is hosting a community open house to showcase its new Siemens MAGNETOM Flow.Neo MRI, highlighting a wider opening and AI-supported imaging. Reinsurance Pricing Outlook: Fitch reports most market players expect further, but more moderate, declines at January 2027 property catastrophe renewals, alongside loosening contract terms. Regulatory Scrutiny: Apollo CEO Marc Rowan warns regulatory arbitrage is a “gaping hole” in the US system, pointing to offshore life reinsurance structures. Parametric Insurance Push: The BMA is drafting amendments to create a parametric special purpose insurer class, aiming for a Q4 rollout. Youth Funding & Research: Government announces 2026-27 youth grants/investments/sponsorships, while the Bermuda Journal of Academic Research seeks peer reviewers for its second edition. Local Business & Education: Butterfield awards scholarships including a $20,000 energy bursary recipient pursuing engineering geology.