BMA announces appointments and restructuring

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The Bermuda Monetary Authority yesterday announced new appointments as part of a restructuring of its policy and insurance supervision areas.

The BMA named Shanna Lespere its new director of international affairs, a new position within the Authority.

In addition, Mary Frances Monroe takes up the post of director for the Policy, Research and Risk department; Craig Swan becomes director for Insurance Supervision; and Shelby Weldon was named director for Licensing and Authorisations.

“These changes and reassignments are designed to ensure the Authority’s teams are aligned appropriately, and to balance the use of our resources, so that we can continue serving the community and working with the market effectively,” said BMA CEO Jeremy Cox. “They also establish a dedicated senior role for our international relations activities, to support Bermuda’s interests globally.”

Ms Lespere previously served as the director, Insurance Supervision, Complex Institutions.

The BMA said her appointment “will provide a dedicated function for the Authority’s advocacy and international relations work, which by necessity is growing in scope”.

She reports directly to the CEO and her role “will involve strategic promotion of Bermuda’s framework for insurance regulation; identifying international regulatory trends and opportunities for action as appropriate; and participating in global activities in order to influence regulatory change and maintain strong relationships with key stakeholders.”

Ms Monroe becomes director, Policy, Research and Risk department.

“Mary Frances and her team will continue to be responsible for the Authority’s policy development and research functions, and its policy-related contributions to key decision-making bodies such as the International Association of Insurance Supervisors,” the BMA said.

“However, the team has been expanded to also include a unit conducting new dedicated macroprudential surveillance of the market, in addition to existing functions for modelling, banking analytics, stress testing and financial sector analysis.”

Mr Swan will lead the BMA’s Insurance Supervision department.

“This team will supervise Bermuda’s commercial insurers (Class 4, 3B, 3A, E, D and C) and insurance groups,” the BMA stated. “The department combines key functions for supervising these firms into one area, including insurance analytics and technical support, actuarial services, restoration and run-off monitoring functions and conducting the Authority’s on-site assessments of commercial insurance companies.”

Mr Weldon and his team will continue supervising Bermuda’s captive insurers, and maintaining close interaction with and oversight of, the insurance managers supporting the industry.

“The team also conducts the vetting and licensing process for all financial entities conducting business in or from Bermuda, including companies in the banking, investment, insurance and trust sectors,” the BMA said.

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