Bermuda Monetary Authority establishes new top supervisor role

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The Bermuda Monetary Authority (BMA) announced today that it has established a new executive post to lead all its supervisory functions.

“The position of Managing Director, Supervision reflects the next phase of strategic evolution for the Authority,” said Jeremy Cox, chief executive officer. “Our role as Bermuda’s financial regulator has expanded to the point where dedicated focus across all areas of supervision is both a logical and prudent decision. We also anticipate that the risk analytics tools our supervisors are currently using for insurance can be extended and adapted across other areas. Therefore, establishing this position will move the Authority further towards setting a common vision for financial sector supervision across all sectors of the Bermuda market.”

Mr. Cox stated that Craig Swan, formerly Director, Insurance Supervision, has been appointed to the new position with immediate effect. Mr. Swan will report directly to the CEO. The two management positions with responsibility for conducting ongoing supervision of regulated financial businesses: Director, Banking, Trust, Corporate Services and Investment; and Director, Insurance Supervision — will report to Mr. Swan.

“We are very pleased that an existing member of our leadership team will take on the challenge of this new role,” said Mr. Cox. “Craig brings strong technical skills to this position, and his experience in building a very effective infrastructure for enhancing Bermuda’s insurance framework will be of great benefit moving forward.”

The new post has strategic responsibility for all the Authority’s supervisory activities, including the supervision of banks, trust companies and investment businesses, as well as insurance supervision. In addition, the Authority’s actuarial and risk analytics functions, and supervision of institutions under Bermuda’s anti-money laundering regime will be under the remit of this position.

Commenting on his new role, Mr. Swan said: “I am looking forward to contributing to the Authority in this new capacity. Bermuda’s financial sectors are very innovative and remain focused on maintaining leadership in challenging conditions. The BMA also has a key role to play in enhancing Bermuda’s reputation overall as a leading international financial centre. We look forward to charting our course for the future, and building on the respect the BMA has worked hard to earn both domestically and internationally, based on our consistent delivery of pragmatic, forward-looking, risk-based supervision.”

“Craig has the strategic perspective that will help to drive the Authority’s supervisory development overall for now and the long-term,” added Mr. Cox. “We envisage that there will be significant benefit gained from taking this approach, while being mindful to ensure the Authority still applies supervision in a manner that takes into account the varied risks across the spectrum of financial services here. This is also part of our ongoing strategy to build further on the depth of our technical resources as we solidify the world class status of Bermuda’s regulatory frameworks and the Authority’s global recognition as a leading financial regulator.”

Craig Swan is a Certified General Accountant and a Fellow of the Institute of Chartered Secretaries and Administrators. He earned his Masters of Business Administration from Heriot-Watt University, Edinburgh.

Mr. Swan joined the BMA in October 2006 as a member of the Insurance department’s compliance team. In May 2007, he was appointed to the position of Assistant Director, Sector Analysis, Insurance. He was charged with creating and managing the Sector Analysis team, whose remit included reviewing the insurance regulatory regime. In November 2007, Mr. Swan was appointed Deputy Director, and subsequently Director, Policy, Research and Risk, leading a number of the policy work streams in preparation for the Solvency II equivalence initiative. In April 2012, he was appointed Director, Insurance Supervision, responsible for supervising Bermuda’s commercial insurers and insurance groups.

Prior to joining the Authority, Mr. Swan worked in the Insurance Division of the Bermuda Government as a Technical Officer in the late 1990s before taking a post as Controller and later Controller & Vice President, Strategic Information Services for Gallagher Bermuda from 2000 to 2006.

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