AGP Executive Report

Aviation & Trade: BermudAir says it will add 10 Airbus A220-300s, with deliveries starting Q4 2027, as it pushes beyond Bermuda-North America links into more Caribbean and Central American routes. Cost of Living & Local Business: Senators delayed a final vote on the Cost of Living Amendment (No 2) Act 2026, after business groups warned expanded commission powers could make it harder to price perishable “healthy food” imports. Insurance & Finance: RenaissanceRe reported $654.2m net income for Q2, citing strong underwriting and investment income, while AM Best upgraded Sagicor’s ratings and Assured Guaranty’s AA ratings were affirmed by S&P. Energy Policy: Minister Lightbourne said Bermuda’s Integrated Resource Plan process was suspended under the Electricity Amendment Act 2026, with the next plan expected to align with updated electricity policy. Financial Crime & Regulation: The BMA warned of a fraudulent payment email demanding $50,000 in USDC, and separately consulted on stablecoin guidance for Bermuda captive insurers and funds. Tech & IP: Bermuda became the first country to deploy WIPO’s IPAS cloud platform, modernising its trademarks system. Public Procurement: Government faced fresh scrutiny over no-bid affordable housing contracts awarded without OPMP oversight. Cyber Oversight: The Public Accounts Committee is set to consider a review tied to the 2023 government cyberattack. Sports Funding: Government awarded $175,000 in elite athlete sponsorships across 15 sports.

Aviation & Trade: BermudAir has emerged as the customer behind an earlier undisclosed order for 10 Airbus A220-300s, with deliveries starting Q4 2027 and a plan to grow up to 20 A220s by decade’s end, supporting new routes and capacity across Bermuda, the Caribbean and North America. Digital Finance & Regulation: The Bermuda Monetary Authority has issued a consultation on stablecoin guidance for recognised stablecoins used by eligible insurance and investment fund structures, outlining supervisory expectations around governance, AML/ATF, sanctions, custody, valuation, redemption risk and operational resilience. Insurance & Capital Markets: Enstar Group says its cash tender offer for junior subordinated notes due 2042 has reached expiration and final results, while Assured Guaranty’s AA ratings were affirmed by S&P with stable outlooks. Cyber & Public Finance Oversight: Bermuda’s Public Accounts Committee is set to consider a financial review tied to the 2023 government cyberattack, including whether $4.4m of funds may have covered ransom. Cost of Living: Businesses warn the Cost of Living Amendment could make it harder to import and price fresh, perishable healthy foods, potentially pushing retailers toward processed options. Tech Infrastructure: Google’s new transatlantic subsea cable, Nuvem, is now connected, routing via Bermuda and the Azores and boosting capacity for cloud and AI traffic. Local Business: A new Hamilton dental practice, Signature Dental Aesthetics, opens with a focus on implants and advanced cosmetic and sedation services.

Bermuda Monetary Authority (BMA) Stablecoin Rules: The BMA has launched a consultation on guidance for “recognised stablecoins” in Bermuda’s limited-purpose insurers, ILS structures and investment funds, proposing a cap of stablecoin exposure at 25% of statutory capital and surplus, with feedback due by 30 September 2026. Insurance Sector Watch: The BMA also confirmed seven new insurer registrations in June, including a collateralised insurer and restricted special purpose insurers, bringing year-to-date registrations to 31. Corporate Restructuring in Bermuda Finance: Brookfield Infrastructure and Brookfield Renewable both approved plans to simplify their corporate structures by converting their partnerships into single publicly traded corporations. Ratings Update: S&P affirmed Assured Guaranty’s AA ratings with stable outlooks, while Chubb flagged softening property market conditions but reported strong second-quarter earnings. Digital Connectivity Link: Google landed its Nuvem transatlantic subsea cable in Portugal, routing via Bermuda and the Azores to boost cloud and AI capacity. Local Policy & Cost of Living: Government electoral reform legislation is still targeted for September, and lawmakers advanced cost-of-living oversight powers through amendments to the Cost of Living Commission. Community & Business: Journi was named official transport partner for Cup Match, adding on-site booking and extra driver capacity during the busy period. Workforce Development: BELCO wrapped up a 17-student summer internship programme, offering hands-on experience across engineering, IT, finance and operations.

BMA Stablecoin Rules: The Bermuda Monetary Authority has launched a consultation on stablecoin guidance for Bermuda captives and other regulated insurance/ILS and fund structures, proposing a cap of stablecoin exposure at 25% of statutory capital and surplus for limited-purpose insurers; feedback is due by 30 September 2026. Insurance Register Update: The BMA also confirmed seven new insurer registrations in June, including Annapurna Re (collateralised), two restricted SPIs, one Class C long-term insurer, and three agents—bringing year-to-date registered insurers to 31. Vantage Leadership Transition: Howard Hughes’ acquisition of Vantage is now reflected in governance changes: Marc Grandisson named executive chairman and David Gansberg appointed CEO designate, with AM Best affirming Vantage’s ratings unchanged. Warwick Seniors Housing: A planning application would turn a Warwick site near Camp Hill into a seniors community with 27 residential units plus on-site care services and amenities. City of Hamilton Finances: The Corporation of Hamilton reported record 2025 revenue of $28.2m and an operating surplus, citing strong goods wharfage and parking fees. Cup Match Logistics: Journi has been appointed official transport partner for Cup Match, adding on-site booking and a seven-day driver trial to boost licensed taxi availability. Cost of Living Oversight: A Cost of Living Commission Amendment Bill would require written notice before certain essential price increases, expanding the public price database and strengthening enforcement powers. Digital Connectivity: Google’s new Nuvem transatlantic subsea cable lands in Portugal with branches to Bermuda, reinforcing the island’s role in cloud and AI infrastructure routes.

Commonwealth Games 2026: Glasgow has stepped in to host the Commonwealth Games after Victoria, Australia, withdrew over costs, with a pared-down programme of 10 sports (down from 17 in 2014) and about 3,000 athletes expected—despite no new athlete accommodation. Labour & cost of living policy: The Ministry of Economy and Labour launched an educational video on collective bargaining, while MPs passed the Cost of Living Commission Amendment (No 2) Act to strengthen price transparency and oversight of duty relief impacts on essential goods and critical services. Government finance & governance: Bermuda’s House of Assembly approved tax credit and health council amendments, alongside supplementary funding including $15.2m for the Compass Point purchase and additional operational support for Bermuda College. Cyber & data protection: A parliamentary committee report says the Health Ministry couldn’t confirm whether personal data from Covid travel authorisation forms was taken in the September 2023 cyberattack, calling for clearer rules on retention and destruction. Insurance sector: AM Best affirmed Vantage Risk’s ratings unchanged after leadership changes, and upgraded most Sagicor Financial subsidiaries’ ratings. Local business & talent: BELCO wrapped up a 17-student summer internship programme across multiple departments, and Conyers named five recipients of its 2026 Legal Education Awards. Energy planning dispute: BELCO responded to a ministerial statement on the Integrated Resource Plan, disputing aspects of the plan’s timeline and BELCO’s role. Politics: Andy Burnham became Britain’s new prime minister, with Bermuda signalling continued engagement on economic development, security and climate resilience.

Cybersecurity & Privacy: A House of Assembly committee says the Health Ministry couldn’t confirm whether personal data from Covid-19 travel authorisation forms was taken in the September 2023 cyberattack, with “significant” information retained and some datasets containing 200,000+ entries, prompting calls for clearer rules on retention and destruction. Energy Policy: Bermuda’s Integrated Resource Plan process has been formally suspended for up to 18 months as Government seeks alignment with policy to reduce electricity costs; Belco says the suspension statement leaves an inaccurate picture of its role and record. Cost of Living Oversight: The Cost of Living Commission Amendment (No. 2) Act 2026 passed, expanding the commission’s ability to monitor whether duty relief lowers shelf prices and to designate “critical services” for transparency and affordability controls. Local Government Funding: Public Works Minister Jache Adams announced a $3m Community Beautification Programme for small public-space improvements, with MPs getting a dedicated mechanism to prioritise local projects. Insurance & Finance: AM Best confirmed Vantage Risk’s ratings unchanged after leadership changes, while it upgraded most Sagicor Financial subsidiaries’ ratings and kept outlooks stable. Business & Markets: Bermuda Stock Exchange trading was thin, with no shares traded on July 17; the Royal Gazette/BSX index held at 3,745.99. Education & Talent Pipeline: Conyers named five Bermudian students as 2026 legal education award recipients, and Belco wrapped up a 17-intern summer programme across engineering, IT, HR and operations. Sports & Community: Bermuda Island Games Association delegates praised Faroe’s preparations for the 2027 Island Games, and Emancipation/Cup Match support includes $70,000 for Somerset Cricket Club safety inspections.

Cost of Living & Tax Policy: Bermuda’s House of Assembly passed the Cost of Living Commission Amendment (No 2) Act 2026, giving the commission power to monitor whether duty relief is actually lowering shelf prices and to designate “critical services” for closer oversight. Health & Tax Credits: MPs also approved the Tax Credits Amendment Act 2026 to streamline tax credit administration, alongside Health Insurance and Bermuda Health Council amendments. Electricity Planning Shock: The Integrated Resource Plan (IRP) process was formally suspended for up to 18 months, with the Minister of Home Affairs citing alignment with government affordability policy; BELCO pushed back on the minister’s earlier statement about its role and timeline. Cybersecurity Accountability: A joint select committee report on the September 2023 cyberattack says about $4.4m was paid from government budgets, but recommends a Public Accounts Committee probe into who was paid, for what, and under whose approval. Insurance Ratings Watch: AM Best left Vantage Risk ratings unchanged after leadership changes and upgraded most Sagicor Financial subsidiaries, keeping stable outlooks. Regional Finance: CARICOM tax administrators meet in Guyana to discuss “future-ready” tax administration using data and AI. Business & Markets: Bermuda Stock Exchange trading was thin, with no shares traded on July 17; the BSX index ended flat at 3,745.99.

Energy Policy & Cost of Living: MPs approved a Cost of Living Amendment giving Bermuda’s Cost of Living Commission power to check whether duty relief is actually cutting prices, including monitoring and price-sharing for essential items. Electricity Planning: The Integrated Resource Plan process was formally suspended for up to 18 months, with the Minister citing affordability and alignment with government energy policy; BELCO says the suspension statement leaves an inaccurate picture of its role. Public Finance & Procurement: Supplementary funding cleared Parliament, including $15.2m for the Compass Point purchase (ex-HSBC office block) plus extra operational support for Bermuda College. Insurance Sector Watch: AM Best kept Vantage Group ratings unchanged after leadership changes, while upgrading most Sagicor Financial subsidiaries’ ratings and affirming Bermuda operations with stable outlooks. Cybersecurity Accountability: A parliamentary cyberattack committee report points to possible ransom-related activity tied to about $4.4m in budget line items and urges further “follow the money” work by the Public Accounts Committee. Banking Deal: Butterfield agreed to buy a 91.7% stake in CIBC Caribbean Bank for $1.8bn, setting up a larger regional banking group. Business & Community: Vineyard Vines Bermuda marked 10 years on Front Street, while Bermuda’s weekly shipping schedule listed multiple cruise and cargo arrivals starting July 18.

Energy Policy: BELCO pushed back on the Government’s Integrated Resource Plan (IRP) suspension, saying the ministerial statement misstates BELCO’s role and timeline while stressing affordability and reliability for the island’s 36,000 customers. Electricity Planning: The IRP process was formally suspended for up to 18 months, with the Minister citing the need to align planning with policy to reduce energy costs. Cybersecurity & Public Finance: A parliamentary joint select committee report on the September 2023 cyberattack says indicators suggest ransom demand and possible ransom-related payments, with about $4.4m allocated across government line items—prompting a call for Public Accounts Committee investigation into who was paid and why. Banking Deal: Butterfield agreed to buy 91.7% of CIBC Caribbean Bank for $1.8bn, aiming to create a major regional banking group. Insurance Leadership: AM Best left Vantage Risk ratings unchanged after leadership changes tied to Howard Hughes’ acquisition. Markets: Bermuda Stock Exchange trading was effectively flat on July 17, with no shares traded and the index unchanged. Regional Integration: CARICOM welcomed Martinique and French Guiana as associate members, expanding the associate group to eight. Business & Community: Vineyard Vines Bermuda marked 10 years on Front Street, highlighting local partnerships since opening in 2016. Sports & Tourism: The billfish race continues with the Sea Horse Anglers Club Billfish Tournament, while Cup Match preparations include an HSBC motorcade through Hamilton on July 29.

Energy Policy: BELCO and the Home Affairs Minister are at odds after the Integrated Resource Plan was formally suspended for up to 18 months, with BELCO saying the minister’s statement misstates its role and timeline. Cybersecurity & Public Finance: A parliamentary report on the 2023 government cyberattack says ransom demand and related payments “may have occurred,” with about $4.4m allocated in two budget heads, and urges a Public Accounts Committee probe into who was paid and why. Banking Deal: Butterfield has agreed to buy a 91.7% stake in CIBC Caribbean Bank for $1.8bn, setting up a larger regional banking group with CIBC retaining a minority stake. Insurance Leadership: AM Best left Vantage Risk ratings unchanged after Howard Hughes’ leadership transition, while Vantage reported net income more than doubling to $201.7m in 2025. Local Business & Community: Vineyard Vines Bermuda marks 10 years on Front Street, and Gosling’s partners with Moongate Brewing to expand local beer distribution. Governance & Regional Tax: CARICOM tax administrators meet in Guyana to discuss future-ready, data-driven tax administration across the region. Markets: Bermuda Stock Exchange trading was effectively flat on July 17, with no shares traded and the BSX index unchanged.

Electricity Policy: Bermuda’s Integrated Resource Plan process has been formally suspended for up to 18 months, with the Minister of Home Affairs citing a need to align planning with government policy to reduce energy costs and embed consumer affordability protections. Cybersecurity & Public Finance: A joint select committee report on the September 2023 cyberattack says indicators point to possible ransom demand and related payments, with about $4.4m listed in budget line items—prompting a call for Public Accounts Committee scrutiny on who was paid and why. Insurance Sector: AM Best left Vantage Risk’s ratings unchanged after leadership changes tied to Howard Hughes’ acquisition, while Vantage reported net income more than doubling to $201.7m in 2025. Banking Deal: Butterfield has agreed to buy 91.7% of CIBC Caribbean Bank for $1.8bn, setting up a larger regional banking group. Regional Tax Cooperation: CARICOM tax administrators and revenue experts meet in Guyana to discuss future-ready, data-driven and AI-enabled tax administration. Local Business & Community: Gosling’s partners with Moongate Brewing to expand distribution island-wide; a planning application has been filed for a 28-unit seniors’ residential development in Warwick. Governance & Accountability: Opposition leader Ben Smith challenges the Premier’s “results” message on education outcomes, calling for published data on literacy and numeracy.

Cyber Accountability: Bermuda’s parliamentary joint select committee says indicators suggest a ransom demand and “ransom-related payment activity” may have occurred in the 2023 government cyberattack, pointing to budget line items totaling about $4.415m, while recommending a Public Accounts Committee probe into who was paid, for what, and under whose approval. Tech & Services: Gnosis appoints Bermudian Shane McDonnell as client partner to grow enterprise and government relationships across telecoms, ICT and cybersecurity. Insurance Leadership & Ratings: SiriusPoint names Emily Yoo as COO (effective Aug 10) with responsibility for technology and claims; Vantage reports 2025 net income more than doubling to $201.7m and confirms leadership transition; AM Best places TT Club ratings under review ahead of a planned merger with the UK P&I Club. Regional Integration: Martinique and French Guiana formally join CARICOM as associate members, expanding the associate roster that now includes Bermuda. Business & Markets: Bermuda Monetary Authority warns the public about an unregulated “investment opportunity” seminar promising high returns; Bermuda Stock Exchange trading stays flat with no shares changing hands on July 16. Community & Local Economy: Gosling’s partners with Moongate Brewing to expand distribution; a planning application is filed for 28 senior-focused residential units in Warwick.

Insurance & Ratings: AM Best affirmed BNY Mellon captives BNY Trade Insurance and The Hamilton Insurance Corp at A (stable), while also upgrading Sagicor Financial Company Ltd. subsidiaries’ ratings and placing TT Club’s merger with the UK P&I Club under review. Re/insurance Leadership: Howard Hughes named Marc Grandisson executive chairman of Vantage and David Gansberg CEO-designate, and SiriusPoint created a new COO role appointing Emily Yoo (effective Aug 10). BMA Consumer Alert: The Bermuda Monetary Authority warned the public about an “investment opportunity seminar” offering 18% returns, saying the entities involved are not regulated in Bermuda or the UK. Captives & Market Data: Captive Insurance Times opened its Healthcare Captive Survey 2026/27, targeting how Bermuda and other domiciles are handling rising medical costs and stop-loss pricing. Local Business & Community: Seniors get free Cup Match entry via ICS Tires; the City of Hamilton’s City Funday drew 1,500+; and Bermuda’s Adult Education School graduation featured a call to lead by example. Privacy & Compliance Tech: Lighthouse Medical Supplies launched Adherio, an AI-powered training platform to help businesses prepare for Bermuda’s PIPA requirements. Sports & Culture: Trevo Academy received $10,000 from the Charles and Lesley Marshall Fund for Football for scholarships and summer programme support.

Insurance Credit Update: AM Best upgraded Sagicor Financial’s ratings, lifting most subsidiaries to an A (Excellent) FSR and improving the parent’s 2028 senior notes to “bbb+”, with stable outlooks—another signal of strength in Bermuda-linked risk transfer. Digital Assets & Payments: Bermuda’s stablecoin push faces a fresh warning from the BIS, which says stablecoins may help payments but aren’t true money and could add systemic risk as the island explores a digitally native Bermuda dollar. Privacy Compliance Tech: Lighthouse Medical Supplies launched Adherio, an AI-assisted training platform to help local businesses meet PIPA requirements, starting with a free course for privacy officers. Reinsurance & Capital Markets: ABIR welcomed Mereo Insurance as a full member, while Appleby advised on a $425m California Earthquake Authority catastrophe bond, underscoring Bermuda’s role in global structured risk. Local Policy & Care: The Human Rights Commission backed amendments to the Human Rights Act to close housing and income-related discrimination gaps, as Age Concern flagged rising senior abuse reports and a proposed seniors care home at Harbour Road. Business & Community: Kebobs expanded to Hamilton for dine-in, and the Bermuda Diabetes Association added dietitian Keelin Hankin to expand nutrition support. Markets: Bermuda Stock Exchange trading closed July 15 with 600 shares changing hands and the BSX slightly down.

Public Guardian Office: Work continues to set up Bermuda’s Office of the Public Guardian, with legislation drafted for a two-year pilot to protect seniors and vulnerable residents, after Senate updates from Attorney-General Kim Wilkerson. Digital Finance & Stablecoins: Bermuda’s push toward stablecoin payments and a digitally native Bermuda dollar faces a global warning from the BIS that stablecoins shouldn’t become the monetary system’s foundation. Insurance & Re/insurance Talent: Liberty Mutual Bermuda brings in eight summer interns, while Mosaic Insurance welcomes a record eight interns across Bermuda, London, New York and Chicago. Re/insurance Market Moves: Mereo Insurance joins Abir, and Everest Group appoints Craig Hanrahan as Global Distribution & Chief Commercial Officer. Regulatory & Legal Watch: The DPP is reviewing statistics compliance files under the Statistics Act 2002, and the Supreme Court appoints PwC liquidators for failed Custodian Life Ltd. Business Briefs: Teekay publishes its 2025 Sustainability Report; Bermuda Stock Exchange trading shows Allshores up on the day. Community & Culture: Bermuda’s Azores ties get a high-profile visit from Premier David Burt, and a local theatre company seeks talent for an October production.

Caricom Reparations Push: Caricom’s reparations manifesto is urging Britain to relinquish sovereignty over Caribbean overseas territories, naming Bermuda among those still under UK control, as part of a broader “decolonisation” and reparatory justice agenda. Public Data Enforcement: Bermuda’s DPP says it is reviewing statistics-related files after alleged non-compliance with the Statistics Act 2002, warning that inaccurate data can distort planning and decisions for residents, businesses and investors. Digital Asset Legal Agenda: Bermuda attorney Bourn Collier unveiled the “Bermuda Declaration on Sovereign Agents” at Maryland Blockchain Week, arguing autonomous AI agents should be able to seek recognition and standing in their own name. Insurance & Finance Watch: The UK’s PRA and FCA have launched a consultation on a bespoke captive insurance regime, aiming for faster approvals and lighter requirements to boost London’s competitiveness against offshore centres. Telecom Disruption: Digicel customers continued to face island-wide technical issues, with emergency line impacts reported earlier and a post-incident review promised. Corporate Moves: Everest Group appointed Craig Hanrahan as Global Distribution & Chief Commercial Officer, effective Aug. 1, 2026. Local Business Talent: Mosaic Insurance welcomed eight interns across Bermuda, London, New York and Chicago, its largest cohort in six years. Market Snapshot: Bermuda Stock Exchange trading on July 14 was led by Allshores, with the BSX index edging up. Legal & Restructuring: The Supreme Court appointed PwC joint liquidators for failed Bermudian re/insurer Custodian Life Ltd.