AGP Executive Report

Bermuda Police Accountability: Inspector David Bhagwan has been dismissed from the Bermuda Police Service after a special case hearing, with charges still before the courts. Insurance Talent Pipeline: Allshores says 30 interns across its jurisdictions completed a summer programme, including 18 in Bermuda, with projects spanning finance, legal, IT and employee benefits. Reinsurance Dealmaking: Wilton Re and Sun Life have signed a definitive agreement to create Windsor Life Re, a US- and Bermuda-based reinsurer backed by about $900m in capital, expected to launch in the first half of 2027. Capital Markets Innovation: A first fully onchain repo using a natively issued sovereign digital bond by the Marshall Islands is being hailed as a pivotal step for future capital markets moving onchain. Bermuda Business Updates: Bermuda Motors has introduced the all-electric Kia PV5 Cargo to local businesses, while the Bermuda Stock Exchange reported 1,341 shares traded on Aug. 25 valued at about $36,509 BD. Local Governance & Economy: A consultation on promoting competition and market fairness in Bermuda is prompting debate about how competition rules fit the island’s small market. Education Spotlight: Bermuda High School announced strong 2026 IB and A-level results, with a 90% IB pass rate and all students set for first-choice universities.

Reinsurance Dealmaking: Wilton Re and Sun Life have agreed a $900m partnership to create Windsor Life Re, a U.S.- and Bermuda-domiciled reinsurer expected to launch in H1 2027, initially taking on about $1.7bn of life and annuity blocks and targeting up to $10bn in assets. Regulatory Pressure on Offshore Life: Cayman renewed its push for NAIC Qualified Jurisdiction Status, warning there’s “no plan B” as the NAIC moves toward tougher capital treatment for offshore life reinsurance. Bermuda Tech for Runoff: INTX expanded deployment of its (Re)Insurance Operating System at Xitus Re, supporting assumed reinsurance administration, claims, accounting and reporting across more runoff portfolios and jurisdictions. Corporate & Capital Markets: Aegon filed its SEC Form F-4 shareholder circular for a planned U.S. redomiciliation EGM on Oct 8, while Bermuda’s House of Assembly tabled the Corporate Income Tax Amendment Act 2026 to refine filing and administration mechanics. Local Economy & Labour: Economy Minister Jason Hayward met union leaders at “Night of Unity,” focusing on preparing workers for an evolving economy and leadership for the next generation. Tourism & Consumer Signals: Disney Cruise Line announced 2027-28 Bermuda sailings, and Bermuda Motors introduced the all-electric Kia PV5 Cargo for local businesses.

Tokenised finance in Asia: HashKey Exchange will list Franklin Templeton’s tokenised U.S. government money market fund, grBENJI, on its Earn channel from Aug. 24, targeting eligible professional investors and expanding regulated on-chain yield access. Life reinsurance build-out: Sun Life and Wilton Re have agreed to create Windsor Life Re, a U.S.- and Bermuda-domiciled reinsurer backed by about US$900m in capital, with an initial US$1.7bn in-force block and growth ambitions to roughly US$10bn in assets. BMA funds oversight: The Bermuda Monetary Authority introduced an approval-in-principle step to speed up new investment fund launches under the Investment Funds Act 2006, while still requiring full registration or authorisation later. Corporate tax updates: The House of Assembly tabled the Corporate Income Tax Amendment Act 2026 to refine filing and administrative mechanisms for the Corporate Income Tax regime. Insurance market watch: Fitch says non-life reinsurers saw improved underwriting results in H1’26 as catastrophe losses eased, but warns the sector remains competitive with price pressure ahead. BSX trading: Bermuda Stock Exchange activity on Aug. 24 included 1,200 shares traded and a near-flat index close. Tourism signal: Disney Cruise Line announced 2027–2028 sailings that include multiple Bermuda calls from New York.

Tokenised finance in Asia: Franklin Templeton and HashKey Exchange have launched grBENJI, a tokenized U.S. government money market fund, on HashKey’s Earn channel for eligible professional investors in Hong Kong, using blockchain-enabled infrastructure to deliver exposure mainly to U.S. government money market instruments and dollar cash assets. Reinsurance and capital structure: Sun Life and Wilton Re will form Windsor Life Re, a U.S.- and Bermuda-domiciled affiliated reinsurer, backed by strategic capital commitments and set to reinsure an initial in-force life block of about $1.7bn, with the partnership targeting growth to around $10bn in assets. BMA oversight for global groups: The Bermuda Monetary Authority is proposing tighter expectations for internationally active insurance groups, including clearer views of group structure and how capital and liquidity could move during a crisis. Local insurance market link to Florida: A Bermuda-based reinsurance executive says Florida’s improved homeowners’ renewals followed DeSantis’s visit to Bermuda and legislative reforms aimed at stabilising the market and curbing fraudulent litigation. Healthcare workforce debate: Progressive Labour leader hopeful Curtis Dickinson heard frontline concerns from healthcare workers, including burnout, mismanagement and the impact of health insurance practices on patients. Energy efficiency push: Bermuda has formally joined the Global Energy Efficiency Alliance, aiming to accelerate energy-efficiency initiatives through international cooperation. Banking upgrades: HSBC Bermuda is rolling out a new fleet of upgraded ATMs with chip-enabled readers and faster cash deposit crediting. Scam warning: Police are urging vigilance against WhatsApp account takeovers and AI-enabled impersonation scams. Business & economy pipeline: Bermuda’s new approval-in-principle process for investment funds is designed to speed up an early regulatory checkpoint ahead of full registration or authorisation. Tourism and travel links: Disney Cruise Line is returning to New York in 2027 with seven Disney Wish voyages, including five Bermuda sailings, plus a San Juan-based expansion into the Southern Caribbean.

Overseas Scholarships: Bermuda recognised 32 scholars at its 2026 Overseas Scholarship Awards Reception, with recipients studying healthcare, engineering, marine and biological sciences, business and finance, technology, hospitality, social work, psychology, criminal justice and the creative arts—aimed at strengthening the future workforce and youth employment pathways. BMA Funds Oversight: The Bermuda Monetary Authority introduced an approval in principle process to speed up early regulatory checkpoints for new investment funds under the Investment Funds Act 2006, while stressing it doesn’t replace full registration or authorisation. Insurance Regulation Update: The BMA also published a consultation paper on proposed Insurance (IAIG Supervision) Rules 2026, sharpening group-wide governance, risk management and supervisory reporting expectations for internationally active insurance groups. Insurance Credit Ratings: AM Best assigned InEvo Re Ltd. an A- Financial Strength Rating and “a-” long-term issuer credit rating with a stable outlook, citing very strong balance sheet strength and Macquarie support. Legal & Finance Appointments: Appleby welcomed Michael Thom and Charles Hambling to its Bermuda office, while Carey Olsen promoted Laura Kearns to partner in trusts and private wealth. Energy Efficiency: Bermuda formally joined the Global Energy Efficiency Alliance, setting up international cooperation on energy-efficiency initiatives. Banking Upgrade: HSBC Bermuda rolled out a new fleet of upgraded ATMs with chip-enabled readers and improved cash deposit capabilities. Public Safety: Police issued a warning about WhatsApp scams using compromised accounts and AI/deepfake impersonation tactics. Youth & Tourism: Bermuda announced its inaugural Youth Travel & Creator Summit on Oct. 24 at BUEI, targeting ages 14–18 and linking careers to tourism, tech and the creator economy. Court Priorities: Bermuda courts will prioritise money laundering and terrorist financing-related cases under a new practice direction.

BMA Insurance Oversight: The Bermuda Monetary Authority has launched a consultation on proposed Insurance (Internationally Active Insurance Group Supervision) Rules 2026, aiming to sharpen group-wide governance, risk management, internal controls and supervisory reporting for IAIGs, starting with Bermuda’s Aegon, Arch and Athora. Ratings Watch: AM Best assigned InEvo Re Ltd (Bermuda, Macquarie-backed) an A- Financial Strength rating and “a-” long-term issuer credit rating, citing very strong balance sheet strength and stable outlook. Money Laundering Priorities: A new Supreme Court Practice Direction orders Bermuda courts to prioritise money laundering, terrorist financing and related proceeds of crime cases, aligning with FATF standards. People Moves (Wealth & Legal): Carey Olsen promoted Laura Kearns to partner in trusts and private wealth, while Apex Group welcomed Mark Jennings as director/senior VP for global capital markets and strategic partnerships. Marine & Shipping: Bermuda’s weekly shipping schedule was released, and the Department of Marine & Ports Services flagged arrivals for the week starting Aug 22. Local Economy & Housing: The Government says it is targeting 400 affordable housing units over the next 18 months, with feedback sought on second-phase sites. Science & Environment: Researchers are studying Bermuda’s feral chickens, comparing their gut bacteria and immune responses with commercially raised broilers. Business Briefs: Marquette University announced a Bermuda-based Insurance Leadership Program for March 2027, and BILTIR held a “Bermuda on the Global Stage” roundtable linking interns with Premier David Burt, Governor Andrew Murdoch and U.S. Consul General Antoinette Hurtado.

Re/Insurance Ratings: AM Best assigned InEvo Re Ltd (Hamilton) an A- Financial Strength Rating and “a-” long-term issuer credit rating, citing a very strong balance sheet, strong capital support from Macquarie, and demand for asset-intensive reinsurance. Catastrophe Risk Markets: Mangrove Property Insurance Company marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange, securing $111m of fully collateralised reinsurance protection for Florida named storm risk. Reinsurance Leadership: Conduit Holdings appointed Anthony Mongiello as COO of Conduit Re, overseeing operations, IT, underwriting operations and claims, following Stuart Quinlan’s retirement. Courts & Compliance: Bermuda’s Supreme Court issued a practice direction requiring courts to prioritise money laundering and terrorist financing-related cases, aligning with FATF standards. Local Governance & Business Disruption: The Department of Marine & Ports Services published the weekly shipping schedule, while Bermuda Gas reported a propane truck collision in Mangrove Bay with no injuries and no service disruptions. Housing Pipeline: Minister Zane DeSilva said the Government is targeting 400 affordable homes in the next 18 months, with feedback sought on sites for the second phase.

Insurance Ratings: AM Best assigned InEvo Re Ltd an A- Financial Strength Rating and “a-” long-term issuer credit rating, citing a very strong balance sheet, strong Macquarie Group capital support, and growing demand for asset-intensive reinsurance. Reinsurance Performance: Fitch said Bermuda’s top reinsurers posted a very strong first-half underwriting result as catastrophe losses eased, though competition is starting to pressure premiums. Cat Bond Milestone: Mangrove Property Insurance marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange. Corporate Moves: Conduit Re appointed Anthony Mongiello as COO, while Vantage Group named Lucy Fato as general counsel. Digital Finance Policy: Premier David Burt said legislation to advance a private-sector Bermuda digital dollar will go before lawmakers next month. Anti-Money Laundering Courts: Bermuda’s Chief Justice issued a practice direction requiring courts to prioritise money laundering and terrorist financing cases. Housing Push: The Government set a new target of 400 affordable homes in the next 18 months. Marine & Ports: Marine & Ports Services published the weekly shipping schedule for arrivals starting Aug 22. Business Pulse: Bermuda Stock Exchange trading was flat on Aug 21, with no shares changing hands.

Anti-Money Laundering Priority: Bermuda’s Supreme Court has issued a Practice Direction requiring courts to fast-track money laundering and terrorist financing cases, aligning local process with FATF standards. Insurance & Reinsurance Performance: Fitch says Bermuda’s leading reinsurers delivered strong H1’26 underwriting results as catastrophe losses eased, though competition is starting to pressure premiums. Cat Bond Milestone: Mangrove Property Insurance launched its inaugural catastrophe bond, Buttonwood Re Ltd., raising $111m for Florida hurricane risk and ringing the BSX bell. Housing Push: Minister Zane DeSilva says the Government is targeting 400 affordable homes in the next 18 months, citing a 580-family waiting list and urgent “critical position” demand. Digital Finance Direction: Premier David Burt says legislation on advancing a private-sector “digital version” of the Bermuda dollar is headed to the House of Assembly next month. Corporate Moves: Arch Insurance promoted Roger Moniz to Head of Transactional Risk, while Conduit Re appointed Anthony Mongiello as COO. Courts & Compliance: The judiciary’s AML/CTF focus also supports Bermuda’s broader enforcement ecosystem, including the National Anti-Money Laundering Committee and police and prosecution bodies. Bermuda Business Pulse: The Bermuda Stock Exchange saw no trades on Aug 21, while BSX bell-ringing ceremonies continued for Buttonwood Re and related listings.

Courts & Compliance: Bermuda’s Supreme Court has issued a Practice Direction requiring all courts to prioritise money laundering and terrorist financing matters, reinforcing FATF-aligned standards. Competition & Cost of Living: The One Bermuda Alliance says competition laws—not price controls—are the better route to lower living costs, warning that proposed “critical service” rules could restrict market entry. Housing Pipeline: Housing Minister Zane DeSilva says the Government is targeting 400 affordable homes in the next 18 months, with feedback sought on sites for the next phase. Digital Finance: Premier David Burt says legislation on advancing a “digital version” of the Bermuda dollar will go to the House next month, with issuance expected to be private-sector led. Insurance & Reinsurance: Fitch reports strong H1 underwriting for Bermuda reinsurers as catastrophe losses ease, while noting premium pressure from rising competition. Cat Bonds & Capital Markets: Mangrove Property Insurance launched its inaugural catastrophe bond, Buttonwood Re Ltd., listing on the Bermuda Stock Exchange. Business & People Moves: Vantage Group appoints Lucy Fato as general counsel, and Conduit Re names Anthony Mongiello COO. Marine & Ports: Bermuda’s weekly shipping schedule for Aug 22 onward was released, with multiple cruise and container arrivals listed. BSX Update: The Bermuda Stock Exchange saw no trades on Aug 21, with the index finishing flat. Community & Culture: The Robinson/Packwood Memorial Lecture examined a 1827 incident involving a Bermudian ship’s role in the international slave trade.

Judiciary & AML Priorities: Chief Justice Larry Mussenden issued a practice direction ordering Bermuda courts to prioritise money laundering, terrorist financing and related proceeds-of-crime applications, reinforcing the island’s FATF commitments. Housing Supply Push: Minister Zane DeSilva says the Government is targeting 400 affordable homes over the next 18 months, citing a Bermuda Housing Corporation waiting list of 580 families and urging faster delivery. Reinsurance Underwriting Update: Fitch reports Bermuda’s leading reinsurers posted strong H1’26 underwriting results as catastrophe losses eased, while warning competition is pressuring premiums. Cat Bond Milestone: Mangrove Property Insurance marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., raising $111m of fully collateralised reinsurance protection for Florida hurricane risk. Corporate Appointments: Vantage Group named Lucy Fato as general counsel; Conduit Re appointed Anthony Mongiello as COO, expanding oversight of operations, IT, underwriting and claims. Digital Finance Policy: Premier David Burt says proposed steps to advance a “digital version” of the Bermuda dollar will go to legislators next month, with issuance expected to be private-sector led. Aviation & Tourism: BermudAir will launch seasonal nonstop Newark–South Caicos service starting Dec. 20, aiming to boost winter access and tourism. Marine Conservation: Fishing closures remain in place in “grouper boxes” to protect black groupers until Dec. 1. BSX Market Activity: Bermuda Stock Exchange trading on Aug. 20 totalled 113 shares valued at $591.74 BD, with the index finishing at 3,858.25.

Courts & AML Priority: Chief Justice Larry Mussenden issued a practice direction ordering Bermuda courts to fast-track money laundering and terrorist financing cases, underscoring the island’s commitment to FATF standards. Reinsurance Performance: Fitch says Bermuda’s top reinsurers posted strong H1’26 underwriting results as catastrophe losses eased, though competition is starting to pressure premiums. Cat Bonds at BSX: Mangrove Property Insurance launched its inaugural catastrophe bond, Buttonwood Re Ltd., raising $111m of fully collateralised protection for Florida named storm risk and ringing the bell at the Bermuda Stock Exchange. Housing Supply Push: Minister Zane DeSilva says the Government is targeting 400 affordable homes over the next 18 months, citing a 580-family waiting list and urgent “critical” cases. Digital Assets Update: Premier David Burt says Bermuda’s tally of digital asset businesses is now 56, with further digital currency proposals heading to legislators next month. Corporate Moves: Vantage Group named Lucy Fato as general counsel, and Conduit Re appointed Anthony Mongiello as COO. Aviation & Tourism: BermudAir will launch nonstop Newark–South Caicos service this winter, while NCL opened bookings for 2028 Bermuda sailings. Insurance Market Watch: AM Best assigned ratings to InEvo Re Ltd., reflecting very strong balance sheet strength and stable outlook.

Digital Finance & Policy: Premier David Burt says Bermuda’s “digital version” of the Bermuda dollar will be driven by the private sector, with legislation expected to go before the House of Assembly next month, building on long-running links with Wyoming regulators. Air Connectivity & Tourism: BermudAir will launch the New York area’s first nonstop to South Caicos from Newark on Dec. 20, with twice-weekly flights (Sundays/Thursdays) through April 25, 2027, priced from $347 one way, after a Salterra-led push. Re/Insurance & Capital Markets: AM Best reports Bermuda remains the top offshore domicile for life reinsurance, though it lost some market share in 2025 as Cayman gained via US sidecars; Fitch also flags strong H1’26 Bermuda re/insurer results as cat losses eased, even as pricing pressure persists. Insurance-linked Securities: Mangrove’s Buttonwood Re cat bond rings the bell at the Bermuda Stock Exchange, marking Mangrove’s debut ILS issuance. BMA Registrations: The BMA registered seven new insurers in July, including multiple classes and two collateralized insurers. Health System Funding: Six months after budget money aimed at easing hospital overcrowding, officials still haven’t confirmed how the step-down and long-term care portion will be spent. Community & Social Support: Bermuda College hosts a World Suicide Prevention Day workshop on Sept. 10 to reduce stigma and train frontline responders; separate scholarship news sees Kymani Thomas awarded a $15,000 Ted Crawford Scholarship for HVAC at Bermuda College. Local Business & Governance: Bermuda Land Management Corporation rejects claims of sudden tenant eviction at Marginal Wharf, saying tenants were warned from the start. Marine Conservation: Fishing closures remain in place in “grouper boxes” until Dec. 1 to protect black grouper during spawning.

Insurance & capital markets: Mangrove Property Insurance Company marked the listing of its inaugural cat bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange, underscoring Bermuda’s role as a global hub for insurance-linked securities. Regulatory updates: The BMA registered seven new insurers in July, including multiple Class 1/2/3A/E and collateralised vehicles, plus one intermediary. Reinsurance dealflow: Willis Re agreed to buy BMS Group’s US reinsurance arm (BMS Re US), a move aimed at accelerating Willis Re’s US expansion; separately, AM Best said Bermuda remains dominant in offshore life reinsurance even as Cayman gained share via US sidecars. Banking M&A: Butterfield completed initial regulatory filings for its $1.8bn CIBC Caribbean acquisition and still targets first-half 2027 closing. Digital assets: STS Digital launched cross-asset portfolio margining for qualifying institutional clients across its OTC digital asset trading business. Public policy & health: Questions persist over how a $55m hospital overcrowding support package will be spent, as Bermuda’s health system struggles with emergency and step-down capacity. Local business & community: Bermuda Land Management Corporation rebutted claims of sudden eviction at Marginal Wharf, while Bermuda College is set to host a suicide prevention workshop on Sept. 10. Tourism & transport: BermudAir will add twice-weekly nonstop flights from Newark to South Caicos starting Dec. 20, and Norwegian Cruise Line will expand Bermuda sailings from Philadelphia using Norwegian Gem from April 2028.

Willis Re Deal: Willis Re has agreed to buy BMS Group’s US reinsurance arm (BMS Re US), a “transformational” move aimed at accelerating Willis Re’s US expansion; the deal covers BMS Intermediaries and BMS Capital Advisory plus the US broking team, with terms undisclosed and subject to regulatory approval. Bermuda Reinsurance Ratings: AM Best affirmed Assured Guaranty Re Overseas Ltd’s A+ (Superior) financial strength and “aa” issuer credit ratings, citing strongest balance sheet strength and stable outlook. Digital Assets Regulation: STS Digital (BMA-regulated) launched cross-asset portfolio margining for eligible institutional clients, letting them use one collateral pool across spot, options and structured products. AI in Cat Modelling: Karen Clark & Co says AI could soon update re/insurance cat models in days rather than months, pushing faster risk-tool evolution. Local Business Disruption: Marginal Wharf businesses in St David’s face relocation by end-September for a planned grocery store and warehouse. Tourism & Travel: Norwegian Cruise Line will use Norwegian Gem for year-round Bermuda cruises from Philadelphia starting April 2028, and Bermuda’s Taste of Bermuda returns Oct 8–11. Infrastructure: Bermuda’s link to Google’s Canoa subsea cable is highlighted as a new southbound digital pathway into the Caribbean.

Reinsurance Dealmaking: BMS Group agreed to sell its US reinsurance division (BMS Re US) to Willis Re, with the deal excluding BMS’s UK, Latin America, Bermuda and global facultative operations; completion is subject to regulatory approvals. US Expansion: Willis Re’s acquisition is framed as a major step to accelerate its geographic growth into the US. Bermuda Finance Policy: Premier David Burt says Bermuda is looking to advance digital financing, with Cabinet-approved proposals moving toward legislation that would let government accept and invest in digital assets under a clear regulatory structure. Digital Assets Infrastructure: STS Digital launched cross-asset portfolio margining for eligible institutional clients across its OTC digital asset business, following the BMA’s material change process. Insurance Market Watch: The BMA confirmed seven new insurance registrations in July, bringing year-to-date totals to 42. Local Business Disruption: Businesses at Marginal Wharf in St David’s have been told to relocate by end-September for a grocery store and warehouse plan. Governance & Courts: The Privy Council will sit in Bermuda for a week of appeal hearings in April 2027. Hospitality & Tourism: Pyrmont Curaçao Beach Resort named Rob de Bekker as general manager ahead of its November 2026 opening.