AGP Executive Report
Last update: an hour agoBermuda GDP update: Minister Jason Hayward says first-quarter 2026 GDP rose an estimated 0.5% (inflation-adjusted), driven by higher household spending and construction, with employment income up 6.3% year-on-year. Cost-of-living fight: A Cost of Living Commission Amendment (No. 2) Act failed in a 5-5 Senate tie, as business groups warned of overregulation and extra compliance burdens. Competition reform debate: Lindo’s and Age Concern urged careful design of a proposed Competition Act 2026—supporting consumer protection, but warning that accessibility and consumer-friendly processes must keep pace with stronger powers. Employment law changes: MPs heard the Employment Amendment (No. 2) Act 2026 would strengthen tribunal enforcement, including civil penalties and a naming register for unpaid awards. Financial services education: The Bermuda Monetary Authority will host a free World Investor Week webinar on Oct 8 focused on investor resilience and fraud prevention. Re/insurance sector moves: Verdant Rock closed a 30% quota share reinsurance treaty with an A+ rated panel; AM Best affirmed Rembrandt Insurance’s ‘A’ ratings; and Real Property Captive prepares a group captive for middle-market commercial real estate owners. Business expansion: Appleby secured a significant minority investment from New Mountain Capital to fund technology and potential acquisitions. Tourism push: A new watersport centre partnership aims to extend Bermuda’s season, with kite surfing lessons and packages targeting winter visitors.
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