AGP Executive Report

Education Funding: Bermuda’s 2026 Scholarships and Awards programme saw 499 applications and 100 successful students, with annual support now about $2.15m plus $450k for the College Promise Programme (total ~$2.6m). Re/Insurance Leadership: Christian Dunleavy will become CEO of Conduit Holdings on March 1, 2027, succeeding Neil Eckhert. Risk Management Appointments: Vantage Group has hired Yves Charbonneau as Chief Risk Officer, bringing nearly 30 years of actuarial and enterprise risk leadership from Arch. EU Regulatory Milestone: Premier David Burt marked 10 years since Bermuda secured EU Solvency II regulatory equivalence, highlighting continued retention and ongoing Europe engagement. Labour & Politics: Jason Hayward urged PLP unity after warning of internal division, while Premier Burt used Labour Day to press for workers’ rights amid cost-of-living and price transparency themes. Air Travel Service Issue: A BermudAir customer is calling for baggage scanning and better tracking after a missing suitcase wasn’t located despite repeated searches. Relocation Services: Mahkai Foggo launched Allure Relocations to help Bermudians move to the UK with property searches and on-the-ground support.

Creative Tech & Production: Photoplay has partnered with Bermuda Tech Lab to roll out “Frameless Production” for agencies and brands across Australia and New Zealand, blending cinematic craft with AI interactive tech, AR/VR and Unreal Engine builds. Reinsurance Under Pressure: AM Best says global reinsurers face a discipline test as competition rises and underwriting softens in parts of the market, with Bermuda and US-rated groups still showing underwriting profitability. Premier in Europe: David Burt wrapped Brussels and Paris engagements focused on Bermuda’s international business sector and global regulation, marking 10 years since Solvency II equivalence. Labour Day Spotlight: The Bermuda Industrial Union’s sold-out Labour Day banquet will feature Grammy-winning Belizean politician Shyne Barrow as keynote, while the Premier urged workers to fight for fair living standards amid cost-of-living and price transparency concerns. Mining—Share Buyback: Gold Reserve (Bermuda-domiciled) announced a normal course issuer bid to buy back up to 5% of shares as it pursues recovery efforts tied to Venezuela. Borders & Jobs: Bermuda plans tighter entry rules, including multi-re-entry visa requirements for St. Lucians, with stated protection for entry-level insurance and reinsurance roles. Public Schools Readiness: Education Minister Diallo Rabain says 40% of 610 summer works items at 27 public schools remain to be tackled, with staffing reported as in place for the 2026/27 start. Immigration Tech at BDA: CBP’s Enhanced Passenger Processing launched at Bermuda’s L.F. Wade airport, using facial comparison to speed US entry. Shipping Watch: Marine & Ports Services published the weekly arrivals schedule for Sept. 5 onward.

Labour Day & unions: Premier David Burt used his Labour Day message to push for better living standards, price transparency and fair competition, while highlighting the labour movement’s long push for workplace voice and union recognition. Industrial relations spotlight: The Bermuda Industrial Union’s sold-out 2026 Labour Day Banquet will feature Grammy-winning Belizean politician Shyne Barrow as keynote at Hamilton Princess and Beach Club on Sept. 11. Education readiness: Minister Diallo Rabain says 148 of 610 school works items are complete and 212 are in progress across 27 public schools, with the remaining 250 still to be tackled ahead of the 2026/27 term. Immigration & jobs: Economy and Labour Minister Jason Hayward announced updated border measures, including multi-re-entry visa requirements for St. Lucians, plus tighter vetting tied to protecting entry-level insurance and reinsurance roles for Bermudians. Reinsurance appointments: Conduit Re named three former PartnerRe property underwriters to strengthen its property portfolio across Bermuda and the US. Mining corporate move: Gold Reserve plans a share buyback of up to 7.39 million shares as it pursues recovery efforts tied to Venezuela. Marine & ports: Bermuda’s weekly shipping schedule lists multiple cruise and cargo arrivals starting Sept. 5.

Labour Day Focus: Premier David Burt used his Labour Day message to press for a decent standard of living, price transparency and fair competition, tying today’s union struggles to Bermuda’s labour history. Workplace & Immigration: Economy and Labour Minister Jason Hayward said Bermuda lacks a clear framework to define and investigate “sham marriages,” proposing changes so suspicious cases can be referred for assessment and possible investigation. Public Services & Education: Education Minister Diallo Rabain reported 610 summer works items across 27 public schools, with 148 complete and 212 in progress, while 250 still need tackling before the 2026/27 term. Transport Modernisation: The DPT bus renewal push continues with Shorelink digital fare media progress and a plan to add 20 electric buses in late 2026 for service in early 2027; e-bikes are also under a broader road-safety review. Re/Insurance Market: AM Best affirmed AVLA Re Ltd. and AVLA Perú ratings, while Bermuda’s re/insurers were reported to have incurred $1.34tn in global gross claims over the past decade. Housing Pipeline: Housing Minister Zane DeSilva outlined rehabilitation and repurposing efforts, plus a forthcoming consultation on derelict buildings.

Mining & Capital Markets: Gold Reserve (Bermuda-domiciled) kicks off a normal course issuer bid to buy back up to 7.39m shares (5% of outstanding) over as long as a year, funding purchases from working capital as it pursues Venezuela recovery tied to its Brisas arbitration. Reinsurance Appointments: Conduit Re names three senior property hires from PartnerRe—Aaron Coates (head of property), Mark Mitchell (head of US property) and Dacotah Baksh (property underwriter)—as it strengthens US/global property capability. Credit Ratings: AM Best affirms AVLA Re Ltd. (B++/bbb+) and AVLA Perú (B++/bbb+) with stable outlooks, citing strong balance sheets and group support. Market Watch: Analysts flag an “inflection point” at Rendez-Vous de Septembre as property-cat prices soften and reinsurers weigh how far to let rates fall. Transport & Infrastructure: DPT’s electric bus renewal totals 90, with 20 more due later this year for service in early 2027; Shorelink’s next phase will speed boarding via card tap. Road Safety: Government says e-bikes are under review amid enforcement and consultation, with updates expected soon. Labour & Community: Bermuda’s Labour Day banquet is sold out, with Dr Shyne Barrow as keynote; BIU reports BGA/Phoenix payroll transition deferred to avoid workers being short of cash. Housing & Public Works: Education Minister Diallo Rabain says 148 of 610 school readiness items are complete and 212 in progress, with the rest still to be tackled before the 2026/27 term. Immigration Integrity: Economy & Labour Minister Jason Hayward outlines moves to tighten border controls, including a framework to address “sham marriages.” Shipping: Marine & Ports Services publishes the Sept 5–12 weekly arrivals schedule.

Cruise & Tourism: Disney Fantasy is set for an eight-night Fort Lauderdale–Bermuda run in spring 2028, with an overnight call at King’s Wharf plus stops at Disney Castaway Cay and Lookout Cay. Border & Security Tech: U.S. Customs and Border Protection has rolled out its Enhanced Passenger Processing facial-scanning system at Bermuda’s L.F. Wade International Airport, speeding U.S. entry but raising privacy questions. Education & Infrastructure: Minister Diallo Rabain says public schools are “ready” for 2026/27, with 148 of 610 summer works items complete and 212 in progress; 250 remain. Labour & Public Service Skills: Government updates include Labour Day messaging and new Public Service Scholarship support (up to BD$30,000 a year) aimed at hard-to-fill roles. Re/Insurance Appointments: Conduit Re strengthens property leadership with three senior hires from PartnerRe. Housing & Community: Housing minister Zane DeSilva outlines derelict-building rehabilitation and repurposing plans to expand stock, alongside ongoing projects. Road Safety: Police confirm a 19-year-old motorcyclist as the 13th road fatality of 2026. Environment: DENR warns about the little fire ant and how it could be introduced via plants, soil, cargo and landscaping. Shipping: Marine & Ports Services published the weekly ship arrivals schedule starting Sept. 5.

Public Schools Readiness: Education Minister Diallo Rabain says 148 of 610 summer works items are complete and 212 in progress across 27 schools, with the remaining 250 (40%) still to be tackled before the 2026/27 term. Immigration & Labour Protections: Economy and Labour Minister Jason Hayward says Bermuda lacks a sham-marriage definition and investigation authority, and will update the immigration order to tighten vetting while protecting entry-level insurance and reinsurance roles for Bermudians. Reinsurance Appointments: Conduit Re strengthens property leadership with three senior hires—Aaron Coates as head of property, Mark Mitchell as head of US property, and Dacotah Baksh as property underwriter. Claims Scale: BMA data shows Bermuda re/insurers incurred $1.34tn in global gross claims and policyholder benefits from 2016-2025, with 2025 alone driving 19% of the decade total. Housing Pipeline: Housing and Municipalities Minister Zane DeSilva outlines ongoing rehabilitation and repurposing efforts, and flags a forthcoming consultation on bringing derelict buildings back into use. Transport Modernisation: DPT’s electrification plan moves forward with 90 electric buses now in service and 20 more due later this year; Shorelink upgrades will speed boarding via card tap. Road Safety Focus: Government says e-bikes are under review as part of broader road-safety enforcement and legislative updates. Environment Watch: DENR warns the little fire ant could be introduced via plants, soil and cargo, urging vigilance around shipping areas. Shipping: Marine & Ports Services lists arrivals for the week starting Sept 5, including multiple cruise and container ship calls. Labour Day: Bermuda marks Labour Day with renewed focus on the dignity of work.

Immigration & Jobs: Economy and Labour Minister Jason Hayward says Bermuda is updating its immigration rules to tackle “sham marriages” and strengthen border integrity, including a new multi-re-entry visa requirement for St. Lucians and a framework to investigate suspicious marriage cases that could be tied to immigration or other legal benefits. Education Readiness: Minister Diallo Rabain told MPs about an “extensive” summer works programme across 27 public schools, with about 60% of readiness tasks complete or underway and the rest still to be tackled before the new term. Housing & Redevelopment: Housing Minister Zane DeSilva outlined efforts to rehabilitate and repurpose existing assets and derelict buildings to expand the housing stock, balancing opportunity with property rights and land acquisition sensitivity. Public Transport Modernisation: The Department of Public Transportation is progressing with Shorelink digital fare media and plans to add 20 electric buses later this year for service in early 2027, completing electrification. Road Safety Focus: Government says e-bikes and other electrically powered vehicles are under review as part of broader road safety enforcement and legislative updates. Re/Insurance Appointments & Ratings: Conduit Re named three senior property underwriting appointments from PartnerRe, while AM Best affirmed credit ratings for AVLA Re Ltd and AVLA Perú. Market Pulse: BMA data shows Bermuda re/insurers incurred $1.34tn in global gross claims over a decade, highlighting the sector’s reach beyond the US and Europe. Environment Alert: DENR warned the public about the little fire ant, an invasive species not currently known in Bermuda but vulnerable to accidental introduction via goods and landscaping.

Public Transportation & Digital Payments: DPT says its electrified bus fleet is set to grow to 110 with 20 more electric buses ordered for early 2027, while Shorelink’s next phase will let riders board by tapping a debit/credit card to speed up fare collection. Road Safety & E-bikes: Government is reviewing e-bikes and other electrically powered vehicles, with more updates expected after enforcement and stakeholder engagement; a separate column argues Bermuda must better classify e-bike types to match risk. Workplace & Retail Payroll: BGA/Phoenix group companies will defer a new payroll system that union leaders said could leave staff short of cash, after talks with the Bermuda Industrial Union. Immigration Integrity: Minister Jason Hayward says Bermuda lacks a framework to define and investigate “sham marriages,” and proposes registrar referrals to immigration for assessment and possible investigation. Cost of Living & Prices: The Ministry says legislation is meant to track price changes from docks to shelves, but it says retailers have not supplied complete data; the Chamber calls the approach compulsion. Reinsurance Market Watch: AM Best reports risk-adjusted reinsurance prices softened in H1 2026, especially US property cat, while Bermuda-focused firms keep staffing up, including Conduit Re’s three senior property appointments and Chariot Re’s $700m capital raise. Invasive Species Alert: DENR warns the little fire ant could be introduced via plants, soil, cargo and landscaping, urging vigilance. Housing Strategy: The Housing Minister highlights rehabilitation and repurposing of existing assets alongside new builds to expand Bermuda’s housing stock. Industry & Community: Triangle Eight Group marks its first year supporting Bermuda start-up insurers, while Bermuda’s Premier continues EU meetings on tax and insurance regulation.

Reinsurance Market Watch: AM Best says risk-adjusted prices softened across most reinsurance classes in H1 2026, with the biggest pressure in US property catastrophe—still “adequate” through 2026, but with terms and conditions under strain. Life Reinsurance Boom: Morningstar DBRS reports Bermuda’s life/annuity sidecar market has quadrupled in four years to about $375bn in assumed liabilities, with Bermuda “by far the largest” hub as sidecars spread beyond property cat. Capital Raising: Chariot Re closed an oversubscribed $700m equity and debt raise to expand life and annuity underwriting capacity, backing a growth pipeline and disciplined underwriting. Local Governance & Health: Government will convert Channel House in St David’s into a transitional, BHB-operated care facility with about 60 beds to ease pressure on hospital flow. Cost of Living & Prices: The Ministry of Home Affairs says legislation is needed to track how dock-to-shelf prices change, while debate continues over price-comparison data and the Cost of Living Commission’s approach. Infrastructure Update: Harbour Road in Warwick is down to one lane for emergency water leak repairs until 6pm, following a similar closure earlier this week. Aviation & Tourism: BermudAir marks its third anniversary with 30% off published base fares on select travel dates. Workforce Development: Aircare recognized HVAC apprentice Miguel Falcao for progress as he enters his third year. Border Operations: US CBP launched Enhanced Passenger Processing at L F Wade for US citizens, using facial comparison for touchless preclearance.

Reinsurance Capital: Chariot Re has closed an oversubscribed $700m equity and debt raise to expand its life and annuity underwriting capacity, marking its third capital raise since launching in July 2025. Market Snapshot: ABIR reports Bermuda’s global reinsurance market hit record $197.5bn in 2025 gross premiums and revenues, with investment income rising and equity strengthening. New Talent: The Fidelis Partnership appointed Helen Wilson as Bermudian-based reinsurance chief underwriting officer (pending immigration) and hired Sarah Ching as senior underwriter for international property. Compliance & Safety: BELCO secured ISO 45001 certification for occupational health and safety, adding to its ISO 14001 environmental certification. Local Infrastructure: Harbour Road in Warwick is down to one lane until 6pm for water leak repairs. Cost of Living Politics: Government says a deeper dive on prices is necessary, as it pushes forward on a monthly price-comparison tool and retailer data requirements. Airport Security: US CBP launched Enhanced Passenger Processing at L F Wade for touchless identity checks for US citizens. Healthcare Capacity: Channel House in St David’s will be converted into a government-operated transitional care facility with about 60 beds. Industry Events: InsuranceERM’s Global Life Reinsurance conference in Amsterdam (Oct 1) has an early-bird discount deadline tomorrow.

Energy Planning Dispute: Opposition questioned whether Bermuda’s Integrated Resource Plan will be ready after Minister Alexa Lightbourne paused it for up to 18 months, with Belco and the Regulatory Authority challenging the move in Supreme Court. Healthcare Capacity: Channel House in St David’s will be converted into a government-operated transitional care facility with about 60 beds to ease Bermuda Hospitals Board pressure and improve patient flow. Reinsurance Hiring & Growth: The Fidelis Partnership added Bermudian reinsurance chief underwriting officer Helen Wilson and international property underwriter Sarah Ching, citing “exceptional” Bermuda growth. Market Performance: AM Best says US and Bermuda reinsurers stayed underwriting profitable for a fifth straight year in 2025 even as premium growth slowed. Bermuda Market Scale: ABIR reported Bermuda’s global reinsurance market hit a record $197.5bn in gross premiums and revenues in 2025. Safety Certification: Belco achieved ISO 45001 certification, joining a select group holding both ISO 45001 and ISO 14001. Cyber MGA Launch: IGI launched Bermuda-based Cipher Underwriting, a cyber-focused treaty reinsurance MGA led by Ari Chatterjee. Community & Tourism: BUEI will host the 2027 Bermuda Sandcastle Competition, and Tourism Youth Speech finalists were named ahead of the September 10 showdown. Cost-of-Living Oversight: Lightbourne defended proposed price transparency and competition measures tied to the Cost of Living Commission Amendment. Industry Watch: A wholesale payroll change has staff considering a strike over being paid in arrears instead of in advance.

Healthcare Capacity: Channel House in St David’s is set to become a 60-bed transitional healthcare facility to ease Bermuda Hospitals Board space pressures, with a budget pegged at $8–10m. Reinsurance & Capital Markets: AM Best says leading US and Bermuda reinsurers stayed profitable for a fifth straight year in 2025, even as premium growth slowed to under 1%. Bermuda Market Snapshot: ABIR reports Bermuda’s reinsurance market hit record $197.5bn in gross premiums and revenues in 2025, with equity rising and specialty lines continuing to expand. Insurance Leadership Moves: Fidelis Partnership named Helen Wilson as Reinsurance Chief Underwriting Officer and Sarah Ching as Senior Underwriter, International Property, as it builds out Bermuda underwriting capacity. Workplace Safety: BELCO achieved ISO 45001 certification, adding the OH&S standard to its existing ISO 14001 credentials. Cost of Living Debate: Minister Alexa Lightbourne defended the Cost of Living Commission Amendment, arguing for more shelf-price transparency and checking duty relief reaches consumers. Digital Assets: Luno secured a Class F Digital Asset Business licence from the BMA to support institutional expansion and regulated services from Bermuda. Cyber Reinsurance Growth: IGI launched Bermuda-based Cipher Underwriting, a cyber-focused treaty MGA led by Ari Chatterjee. Tourism & Community: The Bermuda Sandcastle Competition returns in 2027 via a new BUEI partnership, while Bermuda’s inaugural Tourism Youth Speech Competition names three finalists for a Sept 10 showdown.

Tourism & Youth: Bermuda’s inaugural Tourism Youth Speech Competition is down to three finalists—Simari-Lee (Bermuda Institute), Christopher Madeiros (Saltus), and Princess Mitch Dioko (Cedarbridge)—with the winner set to represent the island in Guyana on Sept. 10. Re/Insurance Growth: IGI has launched Bermuda-based cyber treaty MGA Cipher Underwriting, led by Ari Chatterjee, as demand for cyber reinsurance keeps rising. Digital Assets: Luno International secured a Class F Digital Asset Business licence from the BMA to expand institutional and B2B crypto services beyond its core markets. Cost of Living Debate: Government says its Cost of Living Commission Amendment (No. 2) is about “fairness and transparency,” while the Chamber argues it lacks credibility and could misfire for consumers. Energy Policy Pressure: OBA’s Dwayne Robinson is calling for a clear timeline after the IRP 2026 suspension, warning solar customers may face bill increases. Infrastructure & Construction: Swing Bridge detour works enter Phase III in St. George’s (Sept. 1–27), and the Government seeks a contractor to paint Gibbs Hill Lighthouse. Local Business Disruption: Wholesaler employees at BDC2000/BGA are weighing a strike over a payroll change that shifts pay to arrears. Agriculture Watch: Texas pecan growers are eyeing a modestly bigger 2026 crop, but disease and dry heat could still pressure kernel fill and prices. Shipping/Ports: TEN Ltd. (Bermuda-founded) announced the sale of two first-generation Suezmax tankers, releasing over $100m. Aviation/Travel Tech: US Customs introduced Enhanced Passenger Processing at Bermuda’s L.F. Wade Airport to speed US citizen preclearance.

Cyber & Reinsurance: IGI has launched Bermuda-based Cipher Underwriting, a specialty treaty reinsurance MGA for global cyber business, led by Ari Chatterjee, with operations pending BMA regulatory approvals. Cost of Living & Retail Oversight: Home Affairs Minister Alexa Lightbourne defended the Cost of Living Commission Amendment (No 2) Bill 2026, arguing for “fairness and transparency” on shelf pricing and duty relief passing to consumers, while the Bermuda Chamber says it supports easing costs but not the bill, citing a trust deficit and warning it could misfire. Labour & Pay Timing: Wholesale employees at BDC2000 family companies are considering a strike after a payroll change shifts pay to arrears, potentially leaving staff short for weeks unless they sign on to interest-free loans or other trade-offs. Housing Finance Scrutiny: A trustee, Butterfield Trust (Bermuda), has pledged to investigate complaints from Bahamian parents about how $20m meant for scholarships may have been used to finance Bermuda’s Carmichael Village affordable housing project. Digital Assets: Luno International secured a Class F Digital Asset Business licence from the BMA to expand institutional and B2B crypto services beyond its core markets. Infrastructure & Construction: Swing Bridge detour works enter Phase III in St. George’s (Sept 1–27), and the Government seeks a contractor to paint Gibbs Hill Lighthouse. Energy Policy: OBA MP Dwayne Robinson pressed for a clear timeline on the revised IRP 2026 after a suspension, warning solar customers may see bill increases. Aviation & Security: US Customs introduced Enhanced Passenger Processing at L.F. Wade for faster, touchless identity checks for US citizens. Training & Skills: Aircare is recognising HVAC apprentice Miguel Falcao as he begins his third year. Tourism/Development Watch: The Loren Hotels’ Elbow Beach redevelopment plan drew questions from the Bermuda Audubon Society about how conservation boundaries will be handled. Reinsurance Performance: AM Best reports US and Bermuda reinsurers delivered a fifth straight year of underwriting profitability in 2025 despite softer premium growth. Market Impact Data: BMA figures show Bermuda commercial (re)insurers incurred $1.34T in gross claims costs globally from 2016–2025, with the US receiving the largest share.

Cost-of-living politics: The Chamber of Commerce is pushing back on the Cost of Living Commission Amendment Bill, calling it a “bad trade for the consumer” and warning of a “trust deficit” after years of grocery price rises. Insurance performance: ABIR says Bermuda’s global (re)insurance market hit all-time-high gross premiums of $197.5bn in 2025, with growing specialty lines. Claims impact: Bermuda commercial (re)insurers incurred $1.34tn in gross claims costs worldwide over 2016–2025, with the US taking 62% and 2025 alone accounting for 19%. Underwriting outlook: AM Best reports a fifth straight year of underwriting profitability for a US/Bermuda reinsurer composite, even as premium growth slows. Regulatory focus on AI: The BMA is consulting on responsible AI guidance for financial services, stressing governance and risk controls should match the materiality of each AI use—without creating a new AI licensing regime. Premier’s Europe push: Premier David Burt heads to Brussels and Paris for insurance-focused meetings tied to EU equivalence and regulatory cooperation. Digital ID shift: The BMA has stepped back from a proposed digital-ID licensing framework, citing limited evidence for a sustainable domestic provider market. Local business investment: Auto Solutions breaks ground on a new purpose-built showroom, backing growth in Bermuda’s automotive retail scene. Energy affordability context: A global comparison flags Germany as having the highest household electricity prices among G20 countries, with Bermuda also ranking high.