AGP Executive Report

Digital Finance & Crypto: STS Digital Ltd, a Bermuda-licensed digital asset derivatives firm, won Best Derivatives Trading Solution at the TradingTech Insight Awards USA 2026, as it pushes deeper into institutional-grade crypto infrastructure. Connectivity & Infrastructure: Bermuda welcomed Google’s Nuvem and Sol subsea cable landings, framing the move as resilience and a boost for future jobs and innovation. Insurance & Reinsurance: Willis Re expanded leadership, appointing Jonathan Ogilvie as global head of non-marine specialities and Chris Dart as head of treaty reinsurance in Bermuda. Local Economy & Housing: Minister Zane DeSilva told East End residents banks must help deliver homeownership, tied to an Affordable Housing Programme with $114.75m in initial phase financing commitments. Energy Policy: The House passed the Electricity Amendment Act 2026, giving the Home Affairs Minister power to pause the integrated resource planning process in the public interest. Public Finance & Community: NAB released a toolkit for setting nonprofit salaries, aiming to address pay gaps and improve recruitment and retention. Consumer Protection: Bermuda warned of a rise in online rental scams and urged residents to report suspicious listings. Aviation/Travel: BermudAir announced new winter service from Toronto to Turks and Caicos, starting Dec 19, with weekly Saturday flights. Business Markets: Bermuda Stock Exchange trading showed Butterfield strength, with the RG/BSX index up on the day and weekly gains reported. Maritime & Safety: A Liberian-flagged LNG tanker Venture Gator diverted to Bermuda for an emergency medical evacuation after a crew member collapsed, with the patient later pronounced dead. Health: The Health Minister said HIV diagnoses have risen in recent weeks and urged more awareness and testing.

Digital Infrastructure: Bermuda welcomed Google’s Nuvem and Sol subsea cable landings, with Premier David Burt calling it a boost for resilience, innovation and future jobs. Energy Policy: The House passed the Electricity Amendment Act 2026, giving the Home Affairs Minister power to pause the Integrated Resource Plan if it’s in the public interest, drawing Opposition concerns about interference. Housing & Finance: Deputy Premier Zane DeSilva told residents banks must “do their part” on homeownership as the Affordable Housing Programme moves forward with $114.75m in initial phase financing commitments. Consumer Protection: The Ministry warned of a rise in online rental scams, urging residents to report suspicious listings to Consumer Affairs. Public Health: Health Minister Kim Wilson said new HIV diagnoses have jumped recently, calling for more testing and awareness during HIV Awareness Month. Nonprofit Sector: The Nonprofit Alliance of Bermuda launched a toolkit to help boards set fair, transparent nonprofit salaries amid workforce pressure. Insurance & Risk Markets: Convergence 2026 opened registration with Vice Admiral Nancy Hann as keynote, linking hurricane science to ILS decision-making. Business & Markets: Bermuda Stock Exchange trading showed modest gains, while weekly shipping schedules and a fatal medical incident aboard an LNG tanker Venture Gator highlighted ongoing maritime activity. Corporate Moves: Meyer Group and BEST Group announced an amalgamation, subject to approval, aimed at continuity and sustainable growth.

Digital Infrastructure: Bermuda welcomed Google’s Nuvem and Sol subsea cable landings, with Premier Burt calling it a resilience and jobs boost for the island’s digital economy. Housing & Finance: Housing Minister Zane DeSilva said banks are being pushed to “do their part” for homeownership, tied to financing for the Affordable Housing Programme’s first phase. Public Health: Health Minister Kim Wilson warned of a “concerning shift” in HIV diagnoses, urging residents to get tested as June is marked as HIV Awareness Month. Nonprofit Pay: The Nonprofit Alliance of Bermuda launched a salary-setting toolkit to help boards adopt fairer, more transparent compensation as workforce pressures grow. Consumer Protection: Home Affairs Minister Alexa Lightbourne warned of rising online rental scams and urged reporting to Consumer Affairs. Energy Costs: Retail fuel price controls are set via a six-month standstill ceiling, with government covering verified importer shortfalls. Marine & Trade: Marine & Ports Services published the week’s shipping schedule, while an LNG tanker diversion ended in the death of a crew member. Business Markets: Bermuda Stock Exchange trading showed Butterfield strength and a higher RG/BSX index. Insurance-Linked Securities: Convergence 2026 opened registration with Vice Admiral Nancy Hann as keynote, spotlighting science-led risk decision-making. Corporate Moves: Meyer Group announced an amalgamation with BEST Group, subject to approval. Regulation & Risk: The BMA expanded conduct rules for insurers selling retail business to individuals, with comments due by July 27.

Subsea Connectivity Boost: Bermuda welcomed Google’s Nuvem and Sol cable landings, with Premier David Burt calling it a major investment in digital resilience and future jobs. Hurricane Preparedness: National Security Minister Michael Weeks urged residents and businesses not to be complacent despite a below-normal Atlantic forecast, stressing “prepare early” for the June 1–Nov 30 season. Insurance-Linked Securities Spotlight: Convergence 2026 opened registration, naming former NOAA Hurricane Hunters leader Vice Admiral Nancy Hann as keynote speaker in October. Reinsurance Leadership Moves: Willis Re hired Jonathan Ogilvie and Chris Dart into global non-marine specialties and Bermuda treaty reinsurance roles, continuing post-dispute recruitment momentum. Market Watch: The Bermuda Stock Exchange week ended with the RG/BSX Index up to 3,670.38 and Butterfield shares rising on modest trading. Regulatory Update: The BMA proposed expanding conduct rules to cover all Bermuda-registered insurers selling retail to individuals internationally, with comments due July 27. Local Governance & Economy: Minister Jason Hayward outlined proposed cooperative legislation creating a Registrar of Cooperative Societies to support member-owned enterprises. Public Safety Alert: Home Affairs Minister Alexa Lightbourne warned of a rise in online rental scams and urged reporting to Consumer Affairs. Healthcare Liability Expansion: Banyan Risk launched a Bermuda healthcare professional liability line with Mereo capacity. Business Consolidation: Meyer Group announced an amalgamation with BEST Group, subject to approval, aimed at continuity and sustainable growth. Crypto Markets Note: Coinbase completed conversion of its SPCX-PERP contract to a standard stock perpetual future ahead of SpaceX’s anticipated IPO.

Bermuda Wealth Expansion: Prudential appointed Donna Cotter to lead a newly created Wealth and Bermuda division, with a stand-alone wealth business aimed at affluent and high-net-worth clients across Asia and plans to build Prudential’s Bermuda office for offshore wealth solutions. Digital Infrastructure: Google’s Nuvem and Sol subsea cable systems have landed in Bermuda, boosting international connectivity and supporting growth in financial services, insurance, reinsurance, fintech and digital assets. Reinsurance Leadership Moves: Willis Re named Jonathan Ogilvie as global head of Non-Marine Specialties and Chris Dart as head of Treaty Reinsurance, with Ogilvie based in London and Dart in Bermuda. Policy & Governance: Government launched a National Economic Co-operation Committee to manage and monitor Bermuda’s economic MoUs and international partnerships. Local Business & Community: Bermuda Economic Development Corporation hosted an SME training session for owners on building a “machine, not a job,” while iNails opened in Washington Mall’s upper floor with Asian-inspired products. Non-profit Sector Pay: A column argues non-profit salary shortfalls undermine retention and public trust, calling for fairer, sustainable compensation. Capital Markets Snapshot: Bermuda Stock Exchange trading saw Allshores down 8.3% and the BSX index slip 0.5% (June 11 report).

Bermuda Economic Strategy: The Ministry of Economy and Labour has set up a National Economic Co-operation Committee to oversee and track Bermuda’s international economic MoUs, aiming to turn partnerships into investment, jobs and workforce opportunities. Public Sector Hiring: Overseas Territories deputy governors and public service leaders met at the Bermuda Underwater Exploration Institute to tackle civil service recruitment woes, with Bermuda flagging retirements and launching a Pier Six career expo to attract talent. Insurance & Risk: Banyan Risk launched a new healthcare professional liability line in Bermuda, backed by capacity from Mereo, and appointed Kim Morgan as lead underwriter for the portfolio. Reinsurance Leadership: Willis Re Bermuda named John Fletcher CEO, bringing 35+ years’ experience from Guy Carpenter after a legal dispute cleared the way for senior moves. Capital Markets: Allshores shares fell 8.3% on the BSX, while the Royal Gazette/BSX Index slipped 0.5% to 3,641.59. Space & Connectivity: A public consultation on Bermuda’s consolidated earth station licensing framework remains open until June 19, and the government highlighted the Nuvem and Sol subsea cable landing as a resilience and investment boost. Community & Health: Ahead of World Blood Donor Day, BHB urged residents to donate, and the Aquarium 100 campaign kicked off with redevelopment plans at BAMZ.

Willis Re Bermuda Leadership: Willis Re has appointed John Fletcher as CEO of Willis Re Bermuda, effective immediately, tasking him with leading the Bermuda platform and driving growth after more than five years as CEO of the island at Guy Carpenter. Captive Insurance Governance: Regulators at Captive Review USA said new captive proposals will be judged on governance, board expertise and a clear business purpose—starting with why the risk is being placed in a captive and whether capital and pricing margins fit. Bermuda’s Digital Infrastructure: Government welcomed the landing of Google’s Nuvem and Sol subsea cable systems at Annie’s Bay, positioning Bermuda as a transatlantic digital hub and citing benefits for resilience, innovation and future jobs. Bermuda Economy Snapshot: Q4 2025 data shows economic expansion for a second straight quarter, with employment income up 6.5% but fewer businesses registered. Tax and Company Counts: Exempt company numbers fell below 10,000 for the first time in years, dropping alongside the start of Bermuda’s corporate income tax. Insurance Market Moves: Bermuda added three insurers in May, bringing 2026 registrations to 27, including new Class E and Class C entities. Local Planning Decision: A change-of-use plan for Bermudiana Beach Residences was refused over parking and density, with an appeal option remaining. Consumer Protection: Government warned of rising online rental scams using stolen listings and pressuring victims for deposits and personal data. Aquarium 100 Campaign: The Bermuda Zoological Society and Government launched Aquarium 100, starting redevelopment work tied to environmental education and conservation. Banyan Risk Product Launch: Banyan Risk introduced a Healthcare Professional Liability line in Bermuda and named Kim Morgan as Lead Underwriter, Healthcare. Corporate Finance: Fortitude Re completed a second FABN issuance, pricing $500m of 5.50% notes due 2031. Bermuda Stock Exchange: BSX trading was light and flat, with Butterfield shares unchanged at $57.

Digital Infrastructure: Bermuda welcomed the landing of Google’s Nuvem and Sol subsea cable systems at Annie’s Bay, with government framing it as a boost to resilience, competitiveness and future jobs. Insurance & Capital Markets: The BMA added three insurers in May, including Sompo Life Re Ltd and a new Prudential-affiliated Class E reinsurer, lifting 2026 registrations to 27. Reinsurance Talent Moves: The Fidelis Partnership appointed Alex Rossiter to lead portfolio analytics and risk allocation, while Greg Bowman relocated to Bermuda to expand ceded reinsurance analytics. Economy Watch: Economy and Labour Minister Jason Hayward said Bermuda’s economy expanded for a second straight quarter in Q4 2025, while noting fewer business registrations. Workforce Upskilling: Bermuda College and Google launched 500 free online scholarships through 2027 for digital and career certificates. Consumer Protection: Residents were warned about online property rental scams using stolen photos and pressuring victims for deposits and personal data. Local Transport: Rugged Rentals opened Bermuda’s first airport car rental counter at LF Wade, offering immediate pickup with fully electric minicars. Community & Housing: St David’s Island Historical Society plans a public park at Annie’s Bay, and separate commentary argues Bermuda needs housing but also better planning for community outcomes. CARICOM Debate: OBA MP Dwayne Robinson renewed calls for a referendum before any move to full CARICOM membership. Business Briefs: Butterfield shares were unchanged on the BSX in the latest trading update.

Insurance & Risk Management: InsuranceERM’s Americas Awards 2026 spotlighted Bermuda-linked leadership, with Yibo Hu (Gibraltar Re and Lotus Re) taking CRO of the Year for strengthening risk appetite, stress testing and board reporting. Capital Markets & Finance: Marex says its Bermuda redomiciliation helped it complete a $500m hybrid perpetual notes offering, with expected 100% equity credit and pricing at 7.7% after earlier AT1 levels. Reinsurance Expansion: Distinguished Programs launched DistinguishedRe Property, backed by Bermuda-licensed Antares Re, opening a new property reinsurance platform with up to $50m capacity. Bermuda Economy & Policy: St David’s residents are set to weigh housing proposals at Tommy Fox Road and Channel House, with debate focused on whether more homes are enough for the community’s future. Workforce Development: Bermuda College and Google rolled out 500 free online scholarships through 2027, covering cybersecurity, data analytics, IT support, digital marketing and AI essentials. Business & Community: Bermuda Is Love is offering two paid summer internships focused on advocacy across housing, healthcare and economic justice. Tech & Payments: CIBC Caribbean expanded Google Wallet support across several markets, including the Bahamas, as Bermuda’s Butterfield deal with CIBC moves toward ownership transition. BSX Watch: Butterfield shares rose 2.7% on the Bermuda Stock Exchange, lifting the index to 3,660.01.

Caricom Referendum Push: An online petition has topped 1,500 signatures urging Bermuda to hold a referendum before committing to full Caricom membership, citing potential impacts on the economy, labour market, constitutional ties, public spending and Bermuda’s role as an international financial centre. Marex Redomiciliation Payoff: Marex says its planned Bermuda move is boosting investor confidence after completing an oversubscribed $500m hybrid notes offering, with the company pointing to improved pricing and expected equity credit post-redomiciliation. Insurance Expansion: Distinguished Programs launched DistinguishedRe, a new property reinsurance platform backed by Bermuda-licensed Antares Re, with up to $50m capacity for excess-of-loss placements. Bermuda Stock Watch: Butterfield shares rose 2.7% on the BSX, lifting the Royal Gazette/BSX Index by 2.42% to close at 3,660.01. Housing Update: Modular housing plans at Boaz Island were rejected by the Development Applications Board but the decision was overturned, with the Minister granting temporary approval for nine capsule units for four years. Local Business & Talent: Miller Bermuda appointed Peter Stubbings as chairman, while Deloitte renamed and awarded its John Johnston “Leadership with Integrity” scholarship to Hudson Ferris. Travel & Tourism: BermudAir announced new direct Toronto service to the Turks and Caicos, with seasonal flights starting Dec. 19. Community: Support Public Schools says it has raised $17,300 in new supplies for Bermuda’s public schools.

Reinsurance & fintech expansion: Distinguished Programs launched DistinguishedRe, its new property reinsurance platform, backed by Bermuda-licensed Antares Re, with up to $50m capacity and a property-focused group led by Frank DiPaola. Stablecoin momentum: CoinZoom says it’s the first U.S.-regulated exchange to support USDT on Ethereum, Tron and BNB Smart Chain, enabling free cross-chain moves in-app. Banking outlook: S&P Global revised Butterfield’s outlook to negative, warning capital could weaken after its planned $1.794bn acquisition of CIBC Caribbean, with integration risk flagged. Housing delivery: Minister Diallo Rabain overturned a Boaz Island modular housing refusal, granting temporary permission for capsule units for four years under strict pilot conditions. CARICOM referendum push: A petition is calling for a yes-or-no referendum on Bermuda applying for full CARICOM membership, citing potential impacts on the economy, labour, immigration and public finances. Local business & community: BermudAir signalled more Caribbean demand, including new non-stop service plans; and the Butterfield Bermuda Championship reported $1.4m in charitable impact for 2025. Crypto legal climate: Walkers’ white paper says Bermuda’s regulatory approach is increasingly about integrating stablecoins into existing structures, with guidance supporting staged licensing.

Bermuda’s Work Permits: The Department of Immigration has clarified appeal timelines and penalties under the revised work permit policy, including civil fines up to $10,000 for unauthorised work and potential stop-list consequences. Caricom Referendum Push: An online petition is calling for a public referendum before Bermuda commits to full membership of Caricom, arguing the move could have long-term impacts without enough consultation. BMA Tokenisation Rules: The Bermuda Monetary Authority outlined a “substance over form,” technology-neutral framework for asset tokenisation, proposing targeted amendments across existing regulations and inviting industry comments until 30 June 2026. Healthcare Cost Pressure: Sun Life’s Asia Financial Resilience Index reports worsening financial security across the region as inflation squeezes household budgets. Local Business & Finance: Fairfax has completed a US$750m senior notes offering, while Bermuda’s BSX saw Watlington Waterworks rise 4.7% in the latest trading update. Reinsurance Leadership: InEvo Re appointed Alex Brogden as CUO, and Everest named Peter Chalkias as Australia Country Head and CFO. Community & People: Southampton Parish opened further education scholarship applications; Bermuda mourns former Premier Sir John Swan, and his posthumous letter urged unity and service.

Insurance & Risk: Swiss Re warns Bermuda and the world face a widening natural catastrophe protection gap, with insured coverage not keeping up as exposure and reconstruction costs rise. Reinsurance Modelling: MS Amlin says insurers may be underestimating earthquake losses because catastrophe models often miss “supershear” events, potentially leaving major markets exposed. Bermuda Healthcare Policy: Bermuda Hospitals Board updates its lab testing policy from 3 August 2026, limiting overseas processing to tests ordered by BHB physicians or government clinics. Privacy Compliance: A review finds only 1 in 9 Bermuda companies’ privacy notices fully comply with PIPA, with many missing or hard to access. Regulated Finance Expansion: IGI secures approval to operate an IFSCA Insurance Office in India’s GIFT City, adding to its Bermuda and global footprint. Local Governance & Housing: Columnist O’Brien argues hesitation from small landlords is worsening Bermuda’s rental shortage and backs a Guaranteed Rental Partnership approach. Business & Community: HSBC Bermuda sponsors Keep Bermuda Beautiful’s monthly cleanups. Ocean & Tourism: Benchmark Resorts & Hotels launches World Oceans Day spa treatments in Bermuda that fund ocean cleanup, while BIOS highlights ongoing ocean research activity in Bermudian waters. Tech & Connectivity: Starlink service is reportedly active in Bermuda via workaround despite not yet having local regulatory approval. Public Life: Bermuda marks the posthumous release of Sir John Swan’s final message urging unity and care for the island and each other.

Bermuda Finance & Markets: Coinbase Bermuda Ltd. is rolling out pre-IPO perpetual futures, with SpaceX as the first asset, letting eligible non-U.S. users trade valuation exposure via USDC—while flagging higher risks tied to pricing and IPO conversion. Insurance & Reinsurance: 26North Reinsurance has agreed to buy Independent Insurance Group (Independent Life), adding a U.S. structured settlement annuities platform to its Bermuda/Cayman base. Capital Markets: Howard Hughes Holdings has completed its $2.1b all-cash takeover of Bermudian speciality reinsurer Vantage, with Vantage keeping its leadership and underwriting/distribution plans. Local Business & Community: HSBC Bank Bermuda is sponsoring Keep Bermuda Beautiful’s monthly cleanups, covering supplies and backing volunteer efforts. Ocean & Research: BIOS says new underwater vehicle tests (DeepVenture) and multiple research vessels will operate in Bermudian waters for World Ocean Day, supporting climate and deep-sea science. Sports & Tourism: BermudAir is pushing beyond Bermuda with new winter routes from U.S. gateways to Turks & Caicos, Belize and Anguilla, aiming to tackle island seasonality. Public Life: Posthumous messages from former Premier Sir John Swan urged Bermudians to “take care of this island” and “take care of each other.”

Insurance & Capital Markets: 26North Reinsurance Holding Company has agreed to acquire Independent Insurance Group, bringing a U.S. onshore structured settlement annuities platform into its Bermuda- and Cayman-backed footprint. M&A Watch: Howard Hughes Holdings has completed its roughly $2.1bn all-cash acquisition of Bermuda-based Vantage Group, positioning insurance as a core pillar of the diversified holding strategy. Marine Science: Bermuda Institute of Ocean Sciences says a new deep-sea submersible, DeepVenture, will be tested in local waters this month, with RV Atlantis and RV Atlantic Explorer also operating to support climate and ocean-health research. Local Business & Community: KPMG in Bermuda awarded three scholarships to Bermudian students in accounting, captive insurance and financial services, with mentoring and internship support through its Lift Off programme. Bermuda Economy (Markets): The Bermuda Stock Exchange rose on June 5, with Butterfield up and Devonshire Industries down, leaving the BSX index higher on the day. Tourism & Development: Talks continue over the redevelopment of the defunct 9 Beaches resort at Daniel’s Head, with Norwegian Cruise Lines discussions still active under an MOU. Sports & Bermuda’s Profile: Bermuda plays Cape Verde in a World Cup warm-up in Hartford, while Bermuda’s wider sports ecosystem continues to draw international attention.

Bermuda Captive Talent Pipeline: KPMG in Bermuda has awarded three 2026 scholarships to Bermudian students—$30,000 KPMG Scholarship winner William Spriggs III, $30,000 Captive Scholarship winner Kijali Jean-Marie, and a $15,000 Artex Scholarship for up to three years for Camaje Easton-Smith—each tied to mentoring, internships and support through KPMG’s Lift Off Programme. Insurance Leadership Moves: AXIS Capital promoted Christina Geller to Head of Wholesale Financial Lines in North America, expanding her strategy and growth remit across financial institutions business. Re/Insurance Deal Update: Howard Hughes Holdings has completed its $2.1b all-cash acquisition of Bermuda-based specialty re/insurer Vantage, with Vantage’s leadership and underwriting strategy expected to continue. Local Business & Community: Bermuda Land Management Corporation says talks with Norwegian Cruise Lines on the defunct 9 Beaches resort at Daniel’s Head are ongoing, while it considers limited temporary public access to parts of the 18-acre site. Markets Watch: The Bermuda Stock Exchange rose on June 5, with Butterfield up and Devonshire Industries down, lifting the Royal Gazette/BSX Index to 3,571.75. Global Context for Bermuda: A report highlights how Western-made private jets continue to be used by Putin-linked elites despite sanctions, underscoring ongoing compliance and risk themes relevant to Bermuda’s financial services sector.