The Bermuda Monetary Authority (BMA) announced yesterday it has named Craig Swan to the newly created position of managing director, supervision to lead all of the authority’s financial services supervisory functions, effective immediately.

Mr Swan was formerly the director of insurance supervision for the BMA.

BMA CEO Jeremy Cox said in a statement that the new position, responsible for the supervision of banks, trust companies, investment businesses and insurance companies, reflects a strategic evolution for the authority.

“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,” Mr Cox said.

“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.”

In his new post, Mr Swan will be responsible for all of the BMA’s actuarial and risk analytics functions, and will supervise institutions subject to Bermuda’s anti-money laundering regime.

“I am looking forward to contributing to the authority in this new capacity,” Mr Swan said in the statement.

“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.”

Mr 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 in Edinburgh. Mr Swan joined the BMA in October 2006 as a member of the Insurance department’s compliance team.