AGP Executive Report

Immigration & Labour: Bermuda tables new border measures for St. Lucians, including multi-re-entry visa requirements, alongside tighter immigration vetting aimed at protecting Bermudian entry-level insurance and reinsurance roles. Identity & Records: A legislative amendment is set to reduce identity theft risk by limiting unrestricted public access to certified birth records, while keeping lawful inspection available. Housing Strategy: Government outlines a push to expand the housing stock through rehabilitation and repurposing, with work progressing on multiple affordable and refurbished projects and a forthcoming consultation on derelict buildings. Sham Marriages Crackdown: MPs hear the policy framework to define sham marriages and enable refusals, cancellations or revocations of immigration-related benefits where a sham is established. Re/Insurance Ratings & Claims: AM Best affirms AXIS Capital and AVLA Re/AVLA Perú ratings; BMA data shows Bermuda re/insurers incurred $1.34tn in global gross claims costs over a decade. Market & Deals: Butterfield shares slide on the BSX; EQT agrees to buy McGill and Partners in a $2bn deal, while Conduit Re appoints senior property underwriting leaders. Financial Literacy & Business Support: BEDC backs the Lumina Festival Financial Literacy Summit with subsidised tickets for entrepreneurs and students. Cat Bonds on-Chain: Harneys and droppRWA plan the first catastrophe bond with on-chain legal title, targeted for early 2027. Labour Day Focus: Multiple opinion pieces mark Labour Day by spotlighting the dignity of work and workers’ rights.

Labour Day & work culture: Bermuda marked Labour Day with fresh commentary on the dignity of honest labour and the need for fair, equitable workplaces as the island heads into a new season of change. Border integrity & jobs: Economy and Labour Minister Jason Hayward outlined updates to strengthen Bermuda’s immigration system, including a multi-re-entry visa requirement for St Lucians and measures aimed at protecting entry-level insurance and reinsurance roles for Bermudians. Identity theft safeguards: An amendment was tabled to reduce identity theft risk tied to unrestricted access to certified birth records, while keeping public inspection and historical access in place. Sham marriages crackdown: MPs heard that courts previously limited marriage-fraud investigations, but a new policy framework is set to define sham marriages and allow referrals for assessment and potential action. Housing rehabilitation: The Government is preparing a consultation on bringing derelict buildings back to productive use, alongside ongoing rehabilitation and repurposing projects to expand housing stock. Re/insurance market moves: AM Best affirmed AXIS Capital’s ratings; it also affirmed AVLA Re and AVLA Perú. Conduit Re added senior property underwriting leadership, while industry analysts warned reinsurers may be nearing a “breaking point” on rates ahead of Monte Carlo. Business & finance: Butterfield shares fell on the BSX after trading was limited to one stock; BEDC backed the Lumina financial literacy summit with subsidised tickets for entrepreneurs and students. Tech & ILS innovation: Harneys and droppRWA plan on-chain legal title for catastrophe bonds, targeting early 2027. Transport & safety: Bermuda’s e-bike debate continues, with renewed legal warnings about rider risk and road safety as lawmakers prepare to return.

Immigration & Border Integrity: Economy and Labour Minister Jason Hayward says Bermuda will update the Bermuda Immigration and Protection (Prohibition of Entry) Order, requiring St. Lucians to get multi-entry visas from the US, UK or Canada, while also tightening security vetting and protecting entry-level insurance and reinsurance roles for Bermudians. Identity & Fraud Controls: An amendment is tabled to reduce identity theft risk by limiting unrestricted public availability of certified birth records, while keeping inspection access and releasing historical records after set periods. Sham Marriage Crackdown: MPs are set to hear policy changes to tackle “sham marriages”; Hayward says Bermuda lacks a clear definition and investigation authority now, but a new framework would let registrars refer cases for immigration assessment and potential refusal, cancellation or revocation of benefits. Reinsurance & Capital Markets: EQT is buying a majority stake in Bermuda-based McGill and Partners in a $2bn deal; Conduit Re appoints three senior property underwriters from PartnerRe; and AM Best affirmed AVLA Re Ltd. and AVLA Perú with stable outlooks. Business & Community: BEDC backs this month’s Lumina Festival Financial Literacy Summit with nearly $10,000, including subsidised tickets for entrepreneurs and students. Housing Pipeline: The government says it’s advancing derelict-building rehabilitation and repurposing plans to expand Bermuda’s housing stock, balancing opportunity with property rights. BSX Update: Butterfield shares fell 2% on the BSX, with the index down 1.8% as it remained the only traded stock.

Reinsurance Rates & Capital Decisions: Ahead of Monte Carlo’s Rendez-Vous, analysts say property-cat pricing has softened and reinsurers are nearing a “breaking point” on how far they’ll let rates fall before walking away. Catastrophe Market Tech: Harneys and droppRWA plan the first catastrophe bond with on-chain legal title, targeting early 2027 and aiming to fix the ownership-record gap in Bermuda’s ILS ecosystem. Life Reinsurance Boom: Morningstar DBRS puts Bermuda’s life/annuity sidecar market at about $375bn in assumed liabilities, up sharply since 2021, as sidecars keep expanding beyond property-cat. Company Moves in Bermuda Re/Insurance: Aspida appoints Brian Lewis as CFO of Aspida Life Re; Conduit Re adds senior property hires; Chariot Re closes a $700m raise to expand life/annuity underwriting capacity. Local Labour & Business Continuity: The Bermuda Industrial Union says BGA/Phoenix will defer a payroll system change that could have left workers short, after talks following strike concerns. Immigration Integrity: Minister Jason Hayward says Bermuda lacks a sham-marriage definition and investigation authority, but a new policy framework will allow referrals and potential refusal or revocation of immigration benefits. Road Safety & E-bikes: A lawyer warns riders face serious consequences as e-bike speeds rise; MPs are set to debate clearer rules as the House returns. Housing Strategy: The Government outlines rehabilitation and repurposing plans to expand Bermuda’s housing stock, including progress at Chelsea, 18 Battery Road and Harmony. Education Funding: Minister Diallo Rabain reports 2026 scholarships and awards support totalling about $2.6m, plus the College Promise Program. Aviation Deal: BermudAir marks its third anniversary with a 30% fare discount for travel later this year. Markets: Bermuda Stock Exchange trading updates show Butterfield up and the BSX higher on Sept 3.

ILS innovation: Harneys and droppRWA say they will bring on-chain legal title to Bermuda’s $142B insurance-linked securities market, aiming for the first catastrophe bond with tokenised title by Q1 2027. Reinsurance pricing: AM Best reports risk-adjusted prices fell across most reinsurance classes in H1 2026, with pressure strongest in US property catastrophe—still “adequate” for Bermuda-focused players. Life reinsurance growth: Morningstar DBRS estimates Bermuda’s life and annuity reinsurance sidecar market has quadrupled in four years to about $375B in assumed liabilities. Capital raises: Chariot Re has closed an oversubscribed $700m equity and debt raise to expand its life and annuity reinsurance capacity. Local policy: Economy and Labour Minister Jason Hayward says Bermuda lacks a clear framework to define and investigate sham marriages, and proposes giving the registrar referral powers to immigration. Cost of living: Government says legislation is needed to track how prices move from docks to shelves, while the Chamber argues the approach is too coercive. AFC captive: Africa Finance Corporation forms AFC Captive Insurance Company in Bermuda to insure its infrastructure loan risk and reduce reliance on external markets. Aviation: BermudAir marks its third anniversary with a 30% fare discount and new growth moves, including its own ground-handling operations.

Aviation & Tourism: BermudAir marks its third anniversary with a 30% discount on published base fares (promo code BIRTHDAY3) and reports a 77.1% passenger load factor in August, plus new ground-handling operations in Bermuda. Premier’s Diplomacy: Premier David Burt holds meetings in Brussels and Paris with EU officials and financial regulators, including discussions on Solvency II, securitisation and international tax developments, ahead of the ABIR International Insurance Dialogue. Reinsurance Capital & Talent: Chariot Re closes an oversubscribed $700m equity and debt raise to expand life and annuity underwriting capacity; Aspida appoints Brian Lewis as CFO of Aspida Re; Fidelis adds Helen Wilson as Bermuda-based chief underwriting officer (pending immigration) and Sarah Ching as senior underwriter. Market Snapshot: ABIR data shows Bermuda non-life re/insurers’ gross premiums hit an all-time high near $198bn in 2025, while S&P and AM Best flag resilience but expect profitability pressure as rates soften. Healthcare Capacity: Government will convert Channel House in St David’s into a transitional care facility with about 60 beds to ease pressure on acute services and improve patient flow. Cost of Living & Prices: The Government says a price-comparison tool and retailer data are key to tackling essential-goods pricing, as lawmakers debate how and when ministers can intervene. Local Business & Skills: Aircare recognises HVAC apprentice Miguel Falcao; education reform commentary argues reforms must keep students’ learning outcomes front and centre. BSX Update: Butterfield edges up on the Bermuda Stock Exchange as volume remains light.

Aviation & Tourism: BermudAir marks its third anniversary and is expanding routes with new nonstop service from Newark to South Caicos starting Dec. 20 (fares from $347), alongside broader winter growth. Energy Policy: Opposition questions whether Bermuda’s Integrated Resource Plan timeline is slipping after the Government paused the plan for up to 18 months, with Belco and the Regulatory Authority challenging the decision. Reinsurance & Finance: Chariot Re closes an oversubscribed ~$700m third capital raise to scale its life and annuity reinsurance platform; ABIR reports Bermuda’s reinsurance market hit a record $197.5bn in 2025 premiums and revenues. Corporate Moves: Aegon seeks shareholder approval to redomicile from Bermuda to Delaware, aiming to complete by 2028. Local Business & Markets: Butterfield shares edge up on BSX; Watlington Waterworks declares a 30c dividend. Healthcare Capacity: Channel House in St David’s will be converted into a transitional care facility with about 60 beds to ease pressure on Bermuda Hospitals Board. Public Safety: Air traffic restrictions are set over WER Joell Tennis Stadium during the Davis Cup, limiting drones and other non-participating aircraft. Community & Environment: Bermuda Zoological Society awards Steinhoff scholarships to future environmental science stewards; BCHC opens registration for autumn fundraisers including the Allshores Breast Cancer Awareness Walk and Movember Bermuda. Insurance Ratings: AM Best affirms stable ratings for National General Insurance Ltd. (Bermuda) and other Allstate-related entities.

Healthcare & Housing: The Government will convert Channel House in St David’s into a transitional healthcare facility with 60 beds, aimed at easing Bermuda Hospitals Board space pressures by providing short-term care and rehabilitation for patients medically fit for discharge. Aviation & Travel: BermudAir marks its third anniversary, reporting a 77.1% passenger load factor in August and rolling out its own ground-handling operations at LF Wade, alongside discounted fares. Reinsurance & Capital Markets: ABIR says Bermuda’s global reinsurance market hit a record $197.5bn in 2025 gross premiums and revenues; meanwhile, AM Best and S&P both point to profitability resilience but expect underwriting pressure as premium growth slows and rates soften. Life & Annuity Reinsurance Funding: Chariot Re has closed an oversubscribed ~$700m third capital raise (equity and debt) to expand its life and annuity reinsurance capacity. Digital Assets & Market Infrastructure: HashKey joins DTCC’s digital assets working group, while Coinbase’s derivatives open interest is overwhelmingly concentrated at Deribit ahead of a scheduled venue migration. Cost of Living Policy: Minister Alexa Lightbourne defends the Cost of Living Commission Amendment (No.2) Bill, arguing it will improve price transparency and check whether duty relief reaches shelf prices. Insurance Expansion: AFC sets up a Bermudian captive, AFC Captive Insurance Company, to insure AFC loan risk and reduce reliance on external commercial coverage.

Tourism & Education: Bermuda’s inaugural Tourism Youth Speech Competition is down to three finalists—Simari-Lee (Bermuda Institute), Christopher Madeiros (Saltus Grammar School) and Princess Mitch Dioko (CedarBridge Academy)—with the winner set to represent the island in Guyana. Local Governance & Cost of Living: Government ministers defended the Cost of Living Commission Amendment (No 2) Bill 2026 as “fairness and transparency,” while the Bermuda Chamber says it supports easing costs but opposes the bill, warning of a “trust deficit” and urging credible, readable price reporting. Insurance & Finance: Africa Finance Corporation created a Bermuda captive, AFC Captive Insurance Company, to back infrastructure loan risk; Moody’s also upgraded Africa Specialty Risks to A3. IGI launched Bermuda-based cyber treaty MGA Cipher Underwriting, led by Ari Chatterjee, and Marsh Re rebranded Guy Carpenter’s Bermuda presence. Digital Assets: Luno secured a Bermuda Class F Digital Asset Business licence to expand institutional and B2B crypto services beyond its core regions, and 24X completed its first spot crypto trade on its institutional platform. Business & Markets: Butterfield shares edged up on BSX trading; NCB Financial completed the sale of NCB Cayman to Clarien Bank. Labour & Community: A wholesale firm’s payroll change has staff considering a staged strike, and Labour Day celebrations run Sept 7 in Union Square. Local Economy: KFC’s school video contest awarded cash prizes to MSA and CedarBridge students, while parish councils announced multiple higher-education scholarships.

Cyber & Specialty Reinsurance: IGI has launched Bermuda-based Cipher Underwriting, a cyber-focused treaty reinsurance MGA led by Ari Chatterjee, with operations pending BMA approvals. Insurance Leadership: Vantage Group named Tim Nunziata head of cyber insurance and global product strategy, as it continues building its cyber portfolio. Digital Assets Regulation: Luno secured a Class F Digital Asset Business licence from the BMA to expand institutional and B2B crypto services beyond its core Africa and Asia-Pacific markets. Cost of Living Policy: Government defended its Cost of Living Commission Amendment (No 2) Bill, arguing it brings “fairness and transparency” on supply-chain costs, while the Bermuda Chamber says the bill risks misfiring and calls for “credibility, not compulsion.” Labour & Cashflow: Wholesale employees at BDC2000 are considering a strike after a payroll change would shift pay to arrears, potentially leaving staff short for weeks. Governance & Finance Scrutiny: A trustee has pledged to investigate complaints about how $20m for a Bahamian education trust was used to finance Bermuda’s Carmichael Village affordable housing project. Re/Insurance Market Snapshot: AM Best says US and Bermuda reinsurers notched a fifth straight year of underwriting profitability despite a softer market, and ABIR reports Bermuda gross premiums hit a record $197.5bn in 2025. Local Business & Community: The Government is seeking a contractor to paint Gibbs’ Hill Lighthouse, and Snowy’s reopened at 33 Cedar Avenue after relocating from Wesley Square.

Bermuda Re/Insurance Performance: The Bermuda Monetary Authority says Bermuda commercial (re)insurers incurred US$1.34 trillion in gross claims costs globally over 2016-2025, with the US accounting for 62% and 2025 alone representing about 19% of the decade total. Industry Capital & Underwriting: ABIR reports Bermuda’s 2025 gross premiums hit an all-time high of $197.5bn, up 4.6% year-on-year, with four Bermuda reinsurers in AM Best’s top 10; AM Best also flags a fifth straight year of underwriting profitability for a US/Bermuda reinsurer composite despite softer premium growth. Regulatory & Policy Moves: The BMA consults on AI guidance for Bermuda’s financial services, stressing existing rules should cover AI use based on risk and materiality, while it has dropped plans for a standalone digital-ID licensing regime due to limited evidence of a sustainable local market. Premier’s Europe Focus: Premier David Burt heads to Brussels and Paris for meetings tied to ABIR’s insurance regulatory dialogue and discussions on EU cooperation and market access. Corporate & Finance: Aegon published the agenda for its Oct 8 EGM seeking shareholder approval for redomiciliation to the US. Local Business & Community: AFC sets up a Bermudian captive to insure its infrastructure loan risks; Auto Solutions breaks ground on a new showroom; and Bermuda’s PHC Foundation awards $31,000 in scholarships to seven students.

Insurance & Capital Markets: Bermuda’s re/insurance heavyweights logged a record $197.5bn in gross premiums in 2025, up 4.6% year-on-year, with Abir chair Mark Cloutier pointing to strong capital and growth in specialty lines. Regulation & Fintech: The Bermuda Monetary Authority has consulted on principles-based AI guidance for financial services, stressing AI governance should scale with the risk of each use case, not the size of the firm; comments are due 30 October. Local Finance & Education: PHC Foundation handed out $31,000 in scholarships to seven students at Chubb Bermuda, bringing total awards since 2004 to nearly $600,000. Business & Risk Management: Africa Finance Corporation created a Bermudian wholly owned captive, AFC Captive Insurance Company, backed by up to $30m equity, to insure AFC infrastructure loan risks and reduce reliance on external markets. Public Policy & Governance: The Supreme Court quashed the Government’s US postal partnership decision, restraining the Minister from continuing the deal. Community & Skills: Bermuda Commercial Bank is sponsoring Lumina’s 2026 Financial Literacy Summit on 25 September, with sessions covering entrepreneurship, digital finance and buying in Bermuda. Sports Infrastructure: Opposition Ben Smith says the National Sports Centre needs a published five-year maintenance plan after delays affecting international hosting. Corporate Moves: Athene named Brett Gibson as Executive VP and Head of Investor Relations, as AM Best affirmed Athene’s strong ratings.

Bermuda Politics: Robert King has resigned from the One Bermuda Alliance and will sit as an independent MP, saying his values no longer align with the party’s direction. House of Assembly Watch: A bill to tighten road safety penalties is set for Friday’s House sittings, with the Opposition arguing drafting issues and pushing back on Government claims it’s a “money” bill. Regulation & Finance: The BMA has stepped back from a proposed licensing regime for digital identity providers, saying Bermuda’s market may not support a viable domestic industry and instead pointing to using existing AML rules for digital ID use. Insurance Ratings: AM Best affirmed Athene’s strong Bermuda-linked ratings and stable outlook, and also reaffirmed Inpex Insurance (Bermuda) at A (Excellent) with a stable outlook. Courts & Procurement: Bermuda’s Supreme Court quashed the Government’s US Postal shipping partnership decision, ordering certiorari and prohibiting the Minister from continuing the partnership. Local Business: Auto Solutions broke ground on a new 12,000 sq ft showroom expected to take about 14 months, with interactive tech aimed at boosting the customer experience. Sports & Public Assets: Opposition Ben Smith is pressing for a published five-year maintenance plan for the National Sports Centre after delays affecting facilities and international hosting. Community & Compliance: Police issued reminders to liquor-licensed premises and the public about strict rules on serving alcohol to minors. Energy/Markets: A Bermuda segregated accounts company, Superior Risk Solutions, is named among investors suing over losses tied to the collapse of US subprime lender Tricolor Holdings. Reinsurance Tech: INTX says it is expanding its INTX (Re) operating system within Bermuda-based Xitus Re as runoff portfolios and jurisdictions grow.

BMA Digital-ID Pivot: The Bermuda Monetary Authority has shelved plans for a new licensing regime for digital identity providers, citing limited evidence that Bermuda’s market can sustain a viable domestic industry, and instead signalled a focus on how banks can use digital ID tools under existing anti-money-laundering rules. Ratings Watch: AM Best affirmed Athene’s A+ (Superior) financial strength and “aa-” issuer credit ratings with a stable outlook, and also reaffirmed Inpex Insurance (Bermuda) at A (Excellent) with a stable outlook. Insurance & Reinsurance Tech: INTX Insurance Software said it is expanding INTX (Re) within Xitus Re, aiming to scale assumed reinsurance operations across more complex runoff portfolios. Local Business Investment: Auto Solutions broke ground on a new 12,000 sq ft two-storey showroom for Hyundai, Suzuki and Honda, with construction expected to take about 14 months and plans to add staff. Housing/Planning: Bermuda Housing Corporation’s appeal over Bermudiana Beach Residences seeks to add 84 parking spaces by leasing adjoining land. Sports Infrastructure: Opposition Leader Ben Smith urged a published five-year maintenance plan for the National Sports Centre after delays affecting international hosting. Public Safety: Police issued reminders to liquor-licensed premises and the public about offences involving serving alcohol to minors. Markets: Bermuda Stock Exchange trading was light on Aug 28, and the BSX will close for Labour Day on Sept 7.

Bermuda Pensions in Court: Bermuda’s prison, fire and police unions have launched a Supreme Court challenge to the Public Service Superannuation (PSSF Stabilisation) Amendment Act 2025, arguing it unlawfully changes retirement ages and pension calculations in a way that could cut benefits for officers. Housing & Parking Pressure: The Bermuda Housing Corporation is appealing a Development Applications Board decision over plans to change use at Bermudiana Beach Residences, after the board rejected the proposal citing density and parking shortfalls; the appeal points to leasing adjacent land to add spaces. Alcohol Compliance Push: The Bermuda Police Service has issued a reminder to liquor-licensed premises and the public about offences tied to serving or enabling alcohol for minors, including ID checks and refusal requirements. Sports Infrastructure Timing: The National Sports Centre says Flora Duffy Stadium’s grandstand renovations will pause international hosting for months, with Bermuda set to miss Nations League matches in October. Local Business Investment: Auto Solutions broke ground on a new 12,000 sq ft showroom for Hyundai, Suzuki and Honda, aiming to use interactive tech to improve the vehicle-buying experience. Reinsurance Snapshot: AM Best’s latest ranking highlights Bermuda’s dominance, with four island groups among the world’s largest reinsurers and Everest leading the local contingent by premium volume. Market Watch: The BSX will close for Labour Day on Sept 7 and reopen Sept 8; the exchange also reported trading activity for Aug 28. Energy Update: Paratus Energy reported Q2 2026 results and a quarterly cash dividend of $0.22 per share. Tech & Finance Oversight: The BMA has opened consultation on the responsible use of artificial intelligence in Bermuda’s financial services sector, with comments due Oct 30. Cruise Connectivity (Regional): Bermuda-linked cruise demand continues to be boosted by new U.S. port capacity, including Norwegian’s return to Philadelphia with a permanent terminal opening.

Energy & Markets: A tanker attack in the Strait of Hormuz is whipsawing crude prices, feeding through to fuel costs; in New Jersey, regular gasoline averaged about $4.05 a gallon on Aug. 28, with Bermuda’s reinsurance-linked energy exposure a reminder of how fast global shocks can hit local economics. Public Finance & Labour: Unions have launched a Supreme Court challenge to pension legislation, arguing the Public Service Superannuation (PSSF Stabilisation) Amendment Act 2025 unlawfully reduces officers’ retirement outcomes. Housing & Planning: Bermuda Housing Corporation is appealing a Development Applications Board decision after a plan to change Bermudiana Beach Residences land use was rejected over density and parking; the appeal cites leasing adjacent land to add more spaces. Sports Infrastructure: The National Sports Centre is pausing international hosting for structural repairs to Flora Duffy Stadium’s grandstand roof, affecting October Nations League fixtures. Business & Compliance: Bermuda Police issued a fresh reminder to liquor-licensed premises and the public about strict rules on serving alcohol to minors. Capital Markets: BSX reports show modest trading and a Labour Day closure on Sept. 7, reopening Sept. 8. Corporate Moves: Auto Solutions broke ground on a 12,000 sq ft, two-storey showroom for Hyundai, Suzuki and Honda, aiming to add jobs and a more tech-driven customer experience. Reinsurance Spotlight: AM Best’s ranking highlights four Bermuda-based reinsurers among the world’s largest, with Everest leading the island contingent by premium volume. Shipping: The weekly Marine & Ports Services schedule lists cruise and container arrivals starting Aug. 29.