AGP Executive Report

Bermuda Finance & Regulation: The Bermuda Monetary Authority says AML/ATF “Key Person” vetting will require a Police Clearance Certificate for each relevant individual from 1 October 2026, tightening its fit-and-proper checks. Competition Policy: The Ministry of Home Affairs is consulting on a Market Fairness policy that feeds into a proposed Competition Act 2026, with potential criminal penalties for hardcore cartel conduct and merger review in essential sectors. Healthcare Oversight: Bermuda is moving toward an advance-review framework for significant healthcare system changes, aiming to protect patient access, affordability and stability. Insurance & Markets: Brookfield Wealth Solutions says assets have topped $200bn after acquiring Just Group, while Mangrove Property Insurance completed its 2026-2027 catastrophe reinsurance programme with record capacity; Pelagos Insurance Capital also reported a return to first-half underwriting profit. Business Briefs: Marex posted record Q2 profit of $165.9m; Bermuda Stock Exchange trading was steady in the latest reports, and the weekly shipping schedule for Aug 15 onward was published. Global Business Links: Manulife appointed Jeremy Young as Chief Distribution Officer for international brokerage, and Gold Reserve provided an update on scheduled litigation and arbitration dates.

Public Sector Excellence: Bermuda’s Department of Sport and Recreation Summer Camp Registration Team won the July Public Service Excellence Award, praised for helping hundreds of families through a summer registration rollout that introduced a new online system but suffered technical glitches and a lottery allocation error. Justice & Talent Pipeline: The Ministry of Justice hosted “Justice Lounge: The Welcome Brief” to connect law students, pupils and early-career counsel with the justice system, including Attorney-General Kim Wilkerson. Reinsurance & Capital Markets: Brookfield Wealth Solutions said assets topped $200bn after completing its Just Group acquisition, while Mangrove Property Insurance wrapped its 2026-2027 catastrophe reinsurance programme with record capacity; Pelagos Insurance Capital returned to first-half underwriting profit as gross premiums rose. Company Results: Marex reported record Q2 profit of $165.9m. BMA Compliance Update: From 1 October 2026, AML/ATF “key persons” will need Police Clearance Certificates as part of BMA vetting. AI Governance: The BMA opened consultation on responsible AI use in Bermuda’s regulated financial services, with comments due 30 October. Competition Policy: Government launched consultation on “Market Fairness” to shape a Competition Act 2026, including merger review and penalties for hardcore cartel conduct. BSX Watch: Bermuda Stock Exchange trading on Aug 14 was flat overall, with 278 shares traded and the BSX closing unchanged. Shipping: Marine & Ports Services published the weekly arrivals schedule starting Aug 15.

BMA AI guidance: The Bermuda Monetary Authority has opened a consultation on responsible AI use in regulated financial services, stressing governance, risk management, data oversight, transparency, cyber security and operational resilience, with comments due 30 October 2026. AML/ATF vetting update: From 1 October 2026, “key persons” for AML/ATF regulated financial institutions must include a Police Clearance Certificate for each relevant individual, strengthening fit-and-proper checks. Market fairness competition push: The Ministry of Home Affairs is consulting on a Market Fairness policy that will feed into a proposed Competition Act 2026, including tougher rules on harmful conduct, merger review in essential sectors, and potential criminal penalties for cartel behaviour. Healthcare system review: Government is advancing a framework to require advance review of significant healthcare changes via the Bermuda Health Council when they could affect patients, access, costs or system stability. Reinsurance momentum: Mangrove Property Insurance expanded its 2026–2027 catastrophe reinsurance programme with a larger, more diversified panel of A- or higher rated reinsurers. Insurance results: Pelagos Insurance Capital reported first-half underwriting profit returning to strength, with gross premiums up and the combined ratio improving. BSX activity: The Bermuda Stock Exchange reported 278 shares trading on August 14, with the BSX index finishing unchanged. Youth entrepreneurship: Young business owners, some as young as nine, showcased products at the Youth Entrepreneur Expo on City Hall’s lawn, highlighting growing local enterprise culture. Education and skills: Bermuda’s STEAM Academy wrapped up its summer programme, including a new senior pilot course focused on maths, trades, electrical engineering and career orientation.

Reinsurance & Capital Markets: Mangrove Property Insurance says it has expanded its 2026-2027 catastrophe reinsurance programme, adding 36 new partners and boosting capacity across a panel of 44 reinsurers plus capital partners including Buttonwood Re. Regulation & Compliance: The BMA will require Police Clearance Certificates for “Key Persons” in AML/ATF regulated financial institution applications from 1 October 2026, tightening fit-and-proper vetting. Competition Policy: Bermuda’s Government is consulting on a Market Fairness policy that feeds into a proposed Competition Act 2026, with potential criminal penalties for hardcore cartel conduct and merger review powers for a new Competition and Regulatory Authority. Healthcare Governance: The Government is advancing a framework for advance review of significant healthcare system changes to protect access, affordability and patient impact. AI Oversight: The BMA has opened consultation on responsible AI use in Bermuda’s regulated financial services, with feedback due 30 October 2026. Insurance Results: Pelagos Insurance Capital reported first-half underwriting profit returning, with gross premiums up 6.6% to $3.14bn and a combined ratio improving to 93.1%. BSX Watch: LOM Financial authorised a share repurchase programme of up to 400,000 shares, citing a gap between share price and book value. Shipping & Trade: Marine & Ports Services published the weekly arrivals schedule for ships commencing August 15. Business Briefs: Gold Reserve provided an update on scheduled litigation/arbitration dates; Fitch expects Digicel earnings of about US$730m-740m for FY2027. Education & Skills: STEAM Academy concluded its summer programme, including a new senior pilot track with career-orientation visits.

Healthcare Governance: Bermuda is advancing a framework so major healthcare changes can be reviewed before implementation, with significant proposals assessed in advance by the Bermuda Health Council to protect access, affordability, patient choice and system stability. Competition & Market Fairness: The Ministry of Home Affairs has launched a consultation on “Market Fairness” feeding into a proposed Competition Act 2026, including rules against hardcore cartel conduct (with criminal penalties), merger review in essential sectors, and a Competition and Regulatory Authority with a dedicated healthcare competition unit. Reinsurance Performance & Pricing: Pelagos Insurance Capital reported first-half underwriting profit returning to $152.4m net income, while AM Best warns Bermuda’s property-cat pricing is softening but returns are being supported by tighter terms and higher attachment points; Sompo International also flagged strong Q1 reinsurance growth after Aspen integration. Financial Services Regulation: The BMA is tightening “key person” vetting for AML/ATF regulated financial institutions by requiring police clearance certificates for relevant individuals from October 1. Markets & Corporate Moves: LOM Financial authorised a share repurchase up to 400,000 shares; Gold Reserve outlined further CVR/bonus settlement offers and equity plan amendments. Business & Education Pipeline: Bermuda College signed a pathway agreement with Hartpury University, and the STEAM Academy wrapped a summer programme with workplace visits and career orientation. Environment: Campaigners urged Bermuda to work with the UK to protect the Sargasso Sea under the High Seas Treaty now in force.

FIFA Leadership Watch: Victor Montagliani, the Canadian who rebuilt CONCACAF with a push for accountability and transparency, is emerging as a potential challenger to embattled FIFA president Gianni Infantino. Competition Law (Bermuda): The Ministry of Home Affairs has launched a public consultation on a “Market Fairness” policy that will underpin a proposed Competition Act 2026, with rules aimed at harmful conduct and merger review in essential sectors. Reinsurance Outlook: AM Best says reinsurers met their cost of capital for a third straight year, even as property-cat pricing softens, helped by stronger terms and higher attachment points. BMA Vetting Update: The Bermuda Monetary Authority is tightening “key person” requirements for AML/ATF regulated financial institutions, adding police clearance certificates for relevant individuals from Oct. 1. Insurance & Markets: LOM Financial authorized a share repurchase up to 400,000 shares; Bermuda Stock Exchange trading saw Butterfield and Allshores both fall on Aug. 13. Energy (Golar LNG): Bermuda-headquartered Golar LNG lined up a potential third FLNG conversion with Seatrium and also reported a Q2 dividend of $0.25 per share. Education & Skills: STEAM Academy wrapped its summer programme, and Bermuda College highlighted completion of its ILS-focused programme with internships secured. Environment: Campaigners urged Bermuda to work with the UK to protect the Sargasso Sea under the newly adopted High Seas Treaty.

BMA Compliance: The Bermuda Monetary Authority is tightening “key person” vetting for AML/ATF regulated financial institutions, requiring police clearance certificates (no more than 12 months old) for each relevant individual in applications from October 1, with changes to key persons also covered. Insurance & Capital Markets: Bermuda-headquartered Marex says its UK-to-Bermuda redomiciliation is already paying off, reporting record adjusted profit before tax of $318m (up 79%) and strong Q2 clearing and agency/execution results. Regulatory & Market Infrastructure: The Bermuda Stock Exchange has streamlined listing approvals for securities issued under previously approved debt or ILS programmes, cutting approval timelines to next business day (or same day with documents). Education & Workforce: Bermuda College has signed a pathway agreement with UK’s Hartpury University, letting eligible students complete two years in Bermuda before transferring, plus new ILS programme completion certificates for 13 students and internships with major ILS/re/insurance firms. Local Development: St David’s could see a new convenience store, pharmacy and ATM as Southside Holdings proposes consolidating warehousing at Marginal Wharf, subject to approvals. Energy/Shipping Finance: Golar LNG, based in Hamilton, reports Q2 gains and has declared a $0.25 dividend per share (record Aug 24; payable Sept 2) alongside a $2.45bn EPC deal for a fourth FLNG unit. Telecom Credit Outlook: Fitch expects Digicel’s fiscal 2027 adjusted EBITDA to land around $730m–$740m, citing subscriber stability, ARPU growth and cost efficiencies.

Insurance-Linked Securities pipeline: Thirteen Bermuda College students have completed the 2025–2026 ILS Bermuda College Programme, earning the second-ever completion certificate after six modules covering professional conduct, mentorship, mock interviews and ILS Convergence participation; seven students also landed competitive summer internships with Bermuda’s ILS/re/insurance ecosystem. East End retail push: Housing and Municipalities Minister Zane DeSilva says Southside Holdings is proposing a convenience store, pharmacy and ATM for St David’s, aiming to bring private investment and long-requested services to the community. ABIR leadership updates: The Association of Bermuda Insurers and Reinsurers appointed Elizabeth Breeze as treasurer and added Convex Re CFO Kierra Smith, Partner Re’s Haynes Finney and ABIR CEO John Huff to its finance committee. Market infrastructure: The Bermuda Stock Exchange streamlined listing approvals for securities issued under previously approved debt/ILS programmes, cutting approval timelines to next business day (and sometimes same day). Road safety target: Transport Minister Owen Darrell outlined a strategy to cut road fatalities and serious injuries by 50% by 2030, with stepped-up enforcement and speed-camera plans; OBA MP Jarion Richardson urged publication of the full plan. Connectivity investment: Google announced the Canoa subsea cable linking Bermuda to the Dominican Republic as part of its “Americas Connect” network. Reinsurance/ILS capital flow: Artemis reports record Q2 catastrophe bond activity, with Bermudian-based sponsors accounting for about $1.37bn of the total. Golar LNG finance & expansion: Bermuda-headquartered Golar LNG declared a $0.25/share dividend (record Aug 24; pay Sept 2) and signed an EPC deal for a fourth FLNG unit (3.5 mtpa) with a ~$2.45bn budget, targeting delivery by year-end 2029. Community and ageing support: Age Concern launched a membership drive for residents 50+ to access savings and support, while the Mangrove Bay Post Office reopened after safety-focused renovations.

Subsea Connectivity & Tech Infrastructure: Google says its “Americas Connect” push will add three new subsea cable systems—Alisios, Canoa and OlaLuz—routing more resilient connectivity through the Dominican Republic, with Canoa linking Bermuda directly to the DR and onward options to Europe and North America. Insurance & Reinsurance: Bermuda reinsurers sponsored nearly $1.4bn in catastrophe bonds in Q2, helping drive down risk-transfer costs as investor capital pours into the market. Local Governance & Public Services: Mangrove Bay Post Office reopened after nearly a year of renovations, including reinforced flooring, upgraded IT and safer, more accessible counters. Road Safety: Police will step up traffic enforcement this weekend using collision data, as Government targets a 50% cut in serious crashes and fatalities by 2030. Capital Markets: Bermuda Stock Exchange streamlines listing for securities issued under already-approved debt/ILS programmes, aiming to speed approvals and reduce paperwork. Healthcare Oversight: A proposed framework would let the Bermuda Health Council review major healthcare changes for access, quality, competition and sustainability before the Minister decides. Sports & Business Tourism: Bermuda gets green light to host the Davis Cup World Group II tie vs Mexico on Sept 19–20, with HSBC Bermuda, Government and the Bermuda Tourism Authority backing the event.

Subsea Connectivity: Google unveiled “Americas Connect,” a network of three new subsea cable systems plus a Firmina branch, with the Dominican Republic as the hub and links reaching Bermuda and the US—aimed at boosting cloud and AI resilience across the Americas. Capital Markets: The Bermuda Stock Exchange streamlined the listing process for securities issued under previously approved debt and insurance-linked securities programmes, cutting approval timelines and adding abridged forms to reduce sponsor workload. Healthcare Oversight: Government advanced a framework for advance review of major healthcare changes, with the Bermuda Health Council assessing impacts on patients, access, costs, quality, competition and sustainability before the Minister of Health decides. Insurance & Reinsurance: Mangrove Property Insurance created Bermuda-domiciled Grove Re Ltd. to strengthen risk transfer and capital efficiency for its Florida strategy, while RiverStone appointed David Soutter as group CRO and AXA XL named Matt Waters to lead Large Commercial and Specialty across the US, Canada and Bermuda. Tourism & Development: The Loren Hotels filed an in-principle planning application to restore Elbow Beach Hotel with a scaled-down design and public facilities. Local Business & Community: Cove.bm launched an island-style “Amazon” purchasing and same-day delivery service; Allshores pledged $3m over three years to the Bermuda Cancer and Health Centre; and Clarien Bank sponsored the CARIFTA Triathlon & Aquathlon Championships in Bermuda.

Insurance & Reinsurance: Mangrove Property Insurance is expanding its Bermuda footprint with Grove Re Ltd., a Bermuda-domiciled Class 3A reinsurer aimed at improving risk transfer efficiency and capital deployment for Mangrove’s Florida-focused growth. Tourism & Development: The Loren Hotels has filed an in-principle planning application to restore the historic Elbow Beach Hotel, proposing a scaled-down luxury resort with 76 guestrooms and 22 villas, targeting an opening in 2029. Healthcare Governance: The Ministry of Health says it is advancing a healthcare review framework so major system changes are assessed in advance for impacts on patients, access, costs and stability. US Travel Rights: The PLP says the Government will not take steps that jeopardise Bermudians’ visa-free US travel, after US Consulate clarification that the status is governed solely by US policy. Digital Infrastructure: Google announced “Americas Connect,” adding new subsea cable systems that include a direct Bermuda link via the Dominican Republic. Youth & Community Business: The Youth Entrepreneur Expo returns to City Hall Front Lawn on Aug. 15, spotlighting young Bermudian founders and their products. Public Safety & Procurement: Government is seeking suppliers for additional fire trucks for delivery in 2027-28, with submissions due Aug. 18. Housing Organising: Bermuda Is Love and the Bermuda Autonomous Tenants Association launched #TenantsUnited to build a tenants union and push for better leaseholder conditions.

Bermuda Connectivity & Tech: Google is expanding its submarine cable network in the Americas, including a direct new link between the Dominican Republic and Bermuda (plus Florida connectivity), as part of its Americas Connect push to boost capacity and resilience. Insurance & Reinsurance: Mangrove Property Insurance has launched Bermuda-domiciled Grove Re Ltd. as a Class 3A insurer to strengthen its Florida risk transfer and capital efficiency. Hospitality Development: The Loren Hotels has applied for in-principle planning approval to redevelop the closed Elbow Beach Hotel into a luxury resort with 76 guestrooms and 22 villas, targeting a 2029 opening. Local Economy & Housing Organising: Bermuda Is Love and the Bermuda Autonomous Tenants Association have launched #TenantsUnited to build Bermuda’s first union for leaseholders’ rights and campaign for better housing conditions. Public Sector Procurement: Government has published a request for proposals to buy additional fire trucks for 2027-28, with submissions due Aug. 18. Sports & Youth: The Ministry’s Youth Entrepreneur Expo is set for Aug. 15, while the NJASP awards recognised junior athletes and coaches with funding support. Reinsurance Market Watch: AM Best warns global reinsurance is at a “critical inflection point,” with record capital and rising competition testing underwriting discipline. BSX Update: The Bermuda Stock Exchange saw zero shares traded on Aug. 10, with the index finishing flat.

Cost-of-living politics: The OBA is pushing back on claims about a Senate vote on the Cost of Living Commission Amendment (No 2) Act 2026, saying amendments were deferred for scrutiny and warning that “editing” a clerk’s roll call signals trouble with the bill’s substance. Public safety procurement: Government has published a request for proposals to buy fire trucks under a multiyear fleet-renewal plan, seeking Class B fire pumpers for delivery in 2027-28, with submissions due Aug. 18. Financial regulation: The Bermuda Monetary Authority is consulting on rules that would require banks to seek ministerial clearance before changing certain consumer-facing fees, including account maintenance and over-the-limit charges. Banking access: A separate BMA consultation proposes an obligation for institutions to provide basic bank accounts to eligible legal residents, with feedback due Sept. 22. Insurance market watch: AM Best warns that record reinsurance capital since 2023 may be testing underwriting discipline as competition pressures pricing, especially in property. Local business & talent: Butterfield’s 2026 summer internship programme has wrapped up with 10 Bermudian undergraduates gaining experience across banking and finance functions. Community & tourism: The Palmetto Beach Club at Fairmont Southampton has opened, with the PLP framing it as a boost for Bermudian jobs and the tourism sector. Fraud alert: Police issued guidance after a suspected online rental scam asked victims for upfront payments before viewing properties. International business moves: Manulife appointed Jeremy Young as Chief Distribution Officer for International Brokerage and Global High-Net-Worth. Aviation tech: DeTect won a contract to supply its MERLIN True3D bird detection radar to Soekarno-Hatta Airport in Jakarta.

Leadership Change in Reinsurance: Legal & General Reinsurance (L&G Re) has named Tom Ault as CEO, replacing Amy Ellison as she returns to London as group chief internal auditor, underscoring Bermuda’s role in L&G’s institutional retirement growth. Underwriting Discipline Watch: AM Best warns that record reinsurance capital since 2023 is raising pricing pressure and asks whether reinsurers can hold underwriting discipline or slip back into a soft-market cycle. Bermuda’s US Life Reinsurance Role: New research says Bermudian reinsurers backed about 41% of ceded US life and annuity liabilities in 2025, with growth driven by annuities, pension risk transfer and sidecars. Banking Access Oversight: The Bermuda Monetary Authority consults on rules that would require ministerial clearance before banks raise certain consumer fees, alongside a separate consultation on mandatory basic bank accounts for eligible residents. Crypto Regulation Reminder: Relm’s global distribution chief says redomiciling to Dubai doesn’t erase MiCA obligations for firms still serving EU users, with common gaps in director liability and wallet/custody coverage. Local Finance Talent Pipeline: Butterfield wrapped up its 2026 summer internship for 10 Bermudian students, while Allshores awarded its inaugural $20,000 postgraduate scholarship to medical student Shani Tucker. Public Service Scholarships: Government awarded eight scholarships worth up to $30,000 per year to future public servants across business, health, law and medicine. BSX Market Snapshot: Bermuda Stock Exchange trading saw 234,772 shares change hands on Aug. 7, with Allshores steady at $29 and the index flat at 3,948.83. Tourism & Community: PLP welcomed the opening of the Palmetto Beach Club at Fairmont Southampton, and Bermuda is set to be among the confirmed teams for Jamaica’s inaugural Special Olympics Caribbean Beach Games.

Bermuda Insurance & Reinsurance: Assured Guaranty says its new Bermudian-based annuity reinsurance platform (Assured Life Re) is booking faster than expected, though it may require more capital sooner; the unit posted a small quarterly profit after launching with Warwick Re-linked portfolios. Bermuda Market Watch: Hamilton Insurance Group reported Q2 GWP up 16.7% to $831m, while its combined ratio rose to 95% amid higher catastrophe losses tied to the Middle East conflict. BSX Trading: Allshores shares saw $6.8m traded on Aug. 7, with the BSX index flat at 3,948.83. Local Governance & Cost of Living: The Government’s electricity sector blueprint was strengthened after consultation, with affordability and fair sharing of energy costs highlighted. Environment & Policy: Bermuda’s climate change task force has been out of action for nearly 18 months, with the minister saying it will be reinstated. Marine & Business Impact: Stakeholders met the environment minister over the Blue Ocean Prosperity Programme/BOPP marine spatial plan, with fishermen’s groups pushing back against large no-fishing areas. Tourism & Jobs: PLP welcomed the Palmetto Beach Club opening at Fairmont Southampton as a milestone for Bermuda’s tourism recovery. Weather: Hurricane centre monitoring tropical waves, including the potential formation of storm Cristobal. Education: Kalmar Richards stepped down as Commissioner of Education after 40 years, with an acting commissioner named and a new Board of Education announced. Shipping: Marine & Ports Services published the weekly arrivals schedule for Aug. 8 onward.

Hurricane Watch: The U.S. National Hurricane Center is tracking two tropical waves in the Atlantic, including one with a higher chance of development that could become the next named storm, Cristobal. Insurance Leadership: AIG’s new CEO Eric Andersen is off to a strong start after the insurer beat expectations in Q2, helped by solid underwriting. Bermuda Business & Markets: Hamilton Insurance Group reported Q2 GWP up 16.7% to $831m, while the Bermuda Stock Exchange saw 234,772 shares trade on Aug. 7 (Allshores unchanged at $29). Reinsurance & Regulation: U.S. regulators are moving toward tighter capital rules for life reinsurance ceded to Cayman, a direct challenge to Bermuda’s offshore life reinsurance dominance. Local Policy & Healthcare: Government is exploring expanded powers for advanced practice nurses, with mixed views from the Bermuda Health Council and doctors’ association. Climate Governance: Bermuda’s climate change task force has been out of action for nearly 18 months, and the environment minister says it will be reinstated. Education Administration: Kalmar Richards has stepped down as Commissioner of Education after 40 years, with an acting commissioner named until a permanent replacement is selected.