Bermuda insurance veteran, and former United Bermuda Party Minister, Gerald Simons has been appointed as the new chairman of the Board of Directors of the Bermuda Monetary Authority (BMA).Mr Simons, who has more than 40 years experience in the sector, most of which were spent at The Argus Group, succeeds Alan Cossar, who stepped down from the post at the end of last year.Mr Simons, the former CEO of Argus Insurance, retired from the company in May of last year.The BMA also announced that Anthony Joaquin has been appointed as Deputy Chairman of the Authority’s board. Mr Joaquin replaces Darren Johnston, who has also stepped down after serving one of the longest periods of tenure on the BMA Board.Jeremy Cox, CEO of the BMA and executive member of the board, acknowledged the contributions of the retiring board members saying, “We wish to sincerely thank Alan and Darren for their invaluable input and expertise. Alan has been Chairman during one of the most challenging periods in the BMA's history, and Darren has completed one of the longest periods of tenure on the BMA Board, a total of 17 years. I think I speak for all staff at the Authority in acknowledging their unwavering support and selfless service. They have both contributed significantly to the organisation.”Both Mr Simons and Mr Joaquin will build on their previous years of service as board members in their new roles.“As we transition to new board leadership, we are delighted that Gerald and Tony have agreed to take on the Chairmanship and Deputy Chairmanship respectively. We are very much looking forward to their continued valuable contributions, along with the directors who will also continue their terms of service and the two new board appointees,” said Mr Cox.The two new appointees are veteran insurance professional Fiona Luck and entrepreneur Alan Marshall, who each bring extensive business experience that complements the strength of the board, the BMA said in a statement.With these changes the BMA Board is composed of the following members: Gerald Simons (Chairman), Anthony Joaquin (Deputy Chairman), Walter Bell, Fiona Luck, Alan Marshall, Lynda Milligan-Whyte, Barclay Simmons, Ronald Simmons, Tracey Tepper and Jeremy Cox.