AGP Executive Report

Insurance & Reinsurance Policy: Age Concern Bermuda is urging that Bermuda’s upcoming competition and consumer-protection reforms keep “accessibility, responsiveness and direct consumer support” front and centre as the Sept. 15 consultation nears. Local Labour & Hiring Rules: Minister Jason Hayward’s move to place certain entry-level insurance roles into closed-category positions is drawing pushback from industry sources as “a solution in search of a problem,” with critics warning it sends the wrong signal to employers. Reinsurance Market Discipline: A new industry report says reinsurers are entering a tougher phase as record capital and easing prices demand tighter underwriting discipline and smarter capital deployment. Energy Dealmaking: SED Energy Holdings and Ventura Offshore have signed a letter of intent to combine operations into a larger deepwater services platform, targeting about $1bn implied value and roughly $1.3bn contracted revenue backlog. Energy Storage Debate: A local opinion piece argues Bermuda’s grid deadlock can be eased with a Virtual Power Plant approach that coordinates household solar and batteries. Government Infrastructure: Minister Jache Adams updated the House on the Swing Bridge Replacement Project, including keeping the current bridge in use during construction and restoring lift capability for larger vessels. Tourism & Jobs: Fairmont Southampton says it’s launching 500+ job openings as it works toward a fully reopened resort after renovations. Global Finance Shockwave: Bitcoin Suisse plans to cut up to 60 Swiss jobs (about half its local workforce) while shifting back-office work to hubs including Bratislava and Vietnam, with Bermuda cited among regulatory licence locations. Cruise Operations: Carnival Venezia passengers are being told not to arrive early at New York’s Manhattan Cruise Terminal due to heavy embarkation traffic and shared terminal scheduling.

Re/insurance policy and jobs: Bermuda’s Minister of Economy and Labour Jason Hayward moved certain entry-level insurance roles into the closed category, drawing pushback from senior industry sources who call it “a solution in search of a problem” and worry it sends the wrong signal to employers. Capital discipline in reinsurance: A new report ahead of Rendez-Vous de Septembre warns reinsurers are entering a tougher phase as capital stays high and prices ease, meaning underwriting discipline and smarter capital deployment will matter more. Energy and offshore services deal: SED Energy Holdings and Ventura Offshore signed an LoI for an all-share combination creating an about $1bn implied value group, with Ventura shareholders receiving new SED shares and rigs continuing operations offshore. Bermuda energy deadlock: An opinion piece argues Bermuda should shift from today’s solar-versus-grid standoff to a Virtual Power Plant model that coordinates household batteries to cut fuel costs and fairly reward local clean-tech. Tourism and 9/11 legacy: A hotel expert says Bermuda’s tourism never fully returned to pre-9/11 levels, citing flight changes and a lasting “fear factor.” Local infrastructure: Minister Jache Adams updated the House on the Swing Bridge Replacement Project, including keeping the existing bridge in use during construction and restoring the ability to open for larger vessels. Arts funding: Bermuda Arts Council announced second-quarter grants to six creatives and projects, including poetry/film, theatre boycott research, and Bellydance Bermuda. Business and hiring: Fairmont Southampton confirmed it’s launching applications for 500+ roles as it prepares for a full reopening after renovations. Global business reshuffle: Bitcoin Suisse announced major restructuring, cutting up to half its Swiss staff while shifting back-office work to Bratislava and Vietnam—an international signal for finance-sector cost pressure.

Bermuda Arts Council Funding: The BAC has awarded almost $13,000 in second-quarter 2026 grants to six Bermudians, including poet/film-maker Stephan Johnstone ($3,900) plus $3,000 grants to Giavonna Dupree, Kali Bean/Bellydance Bermuda, and other local creatives. Competition & Consumer Protection: Age Concern Bermuda backs a proposed move to fold Consumer Affairs into a Competition Act framework, arguing it could strengthen oversight and consumer access to remedies. Tourism Jobs: Fairmont Southampton has launched its biggest-ever recruitment drive, with 500+ roles across nine departments as the resort heads toward full reopening (no date confirmed). Re/Insurance Leadership: Willis Re appoints Neil Eckert as CEO, while Conduit Holdings confirms Christian Dunleavy will take over Conduit Re as Eckert steps down in March 2027. Medication Safety: Bermuda health authorities issued recalls for certain semaglutide injection products due to impurities, incorrect dose display, and packaging errors. Cybersecurity Warning: A government cybersecurity official says Bermuda faces at least 200 breaches and warns how everyday texting and reused passwords can cascade into wider compromise. Cruise Travel Disruption: Carnival Venezia passengers sailing from New York are told not to arrive early, or they may be denied entry due to terminal congestion and shared scheduling.

Competition Act 2026: Bermuda’s government is moving toward a Competition Act framework that would let it scrutinize and potentially block local mergers and acquisitions that concentrate power in essential sectors—aimed at protecting consumer choice and pricing. Hospitality Jobs: Fairmont Southampton has opened applications for 500+ roles across nine departments as it pushes toward a full reopening, with hiring spanning operations, engineering, finance, IT, sales, and more. Re/Insurance Leadership: Willis Re has appointed Neil Eckert as CEO, as Conduit Re prepares a leadership handover to Christian Dunleavy in March 2027—another big signal of how Bermuda’s reinsurance talent pipeline is reshaping global strategy. AI in Underwriting: Mosaic launched an in-house AI Lab to move beyond pilots, embedding engineers with business teams across underwriting, claims, and operations. Cyber Risk: Bermuda’s Chief Information Cybersecurity Officer warned that everyday habits like reusing passwords after opening a text can cascade into island-wide network compromise, with 200+ breaches currently affecting Bermuda. Health Recall: Bermuda’s Ministry of Health issued three semaglutide injection recalls over impurities, incorrect dose display, and packaging errors. Food Sovereignty: A new Food Sovereignty Forum piece argues Bermuda’s heavy import dependence leaves the island exposed, pushing for a more resilient local food system.

Hospitality Jobs: Fairmont Southampton opened applications for 500+ roles across nine departments as it pushes toward full reopening, with 170+ already hired and nearly 60% of Palmetto Beach Club staff Bermudian. Re/insurance Leadership: Willis Re named Neil Eckert as CEO, stepping in after Conduit Re’s Eckert exit; Conduit also confirmed Christian Dunleavy will take over as CEO on March 1, 2027. AI in Insurance: Mosaic launched an in-house AI Lab using forward-deployed engineers to move AI from pilots into underwriting, claims, finance and operations. Cyber Risk: Bermuda’s Chief Information Cybersecurity Officer warned of widespread breaches and how a simple text message can cascade into household and business systems, targeting ports, energy and financial jurisdictions. Market Watch: Signet raised its outlook after a stronger quarter, with same-store sales up 2.2% and improved margins. Local Business & Services: A new Warwick dog daycare, Paws, Pals and Portraits, opened with a government licence and focuses on medium-to-large dog care. Food Security: Bermuda’s Food Sovereignty Forum renewed the case for reducing import dependence, citing vulnerability when global supply chains break.

Re/insurance leadership shuffle: Willis Re has appointed Neil Eckert as chief executive, with the move tied to Conduit Re’s CEO succession plan. Conduit succession: Conduit Holdings says Eckert will step down on 1 March 2027 and be replaced by Christian Dunleavy, an Aspen Bermuda veteran. Risk and governance staffing: Vantage Group named Yves Charbonneau as Chief Risk Officer, succeeding Krista Robinson as the firm accelerates post-acquisition growth. Cyber insurance focus: Lockton Re warns that cyber critical-infrastructure clauses are inconsistent across the market, creating uncertainty for insurers, reinsurers and policyholders. Casualty ILS watch: AM Best highlights rapid growth in casualty sidecars, with questions emerging about whether long-tail risk is fully off insurers’ balance sheets. Local business & services: Bermuda College adds a credit-bearing course on the island’s Friendly Societies, while a new Warwick dog daycare opens with a government licence. Food security: Bermuda’s Food Sovereignty Forum pushes back on heavy import dependence, arguing for a more resilient local food system. Public health: Bermuda issued recalls for semaglutide injection products due to impurities, incorrect dose display and packaging errors. Government & industry: Premier Burt marked 10 years of EU Solvency II regulatory equivalence in Brussels.

Re/insurance Leadership: Conduit Holdings says CEO Neil Eckert will step down on March 1, 2027, with Christian Dunleavy (ex-Aspen Bermuda CEO) taking over and joining the board as executive director. Risk & Governance: Vantage Group appoints Bermudian Yves Charbonneau as Chief Risk Officer, succeeding Krista Robinson, as the firm accelerates growth after its Howard Hughes Holdings acquisition. Cyber Insurance: Lockton Re warns cyber policies’ “critical infrastructure” clauses are inconsistent across the market, creating uncertainty for insurers, reinsurers, brokers and policyholders. Local Policy & Skills: The Ministry of Education reports 100 scholarship and awards winners out of nearly 500 applications, with total support around $2.6m. EU Regulatory Milestone: Premier David Burt marks 10 years since Bermuda secured EU Solvency II regulatory equivalence. Health & Safety: Bermuda issues three semaglutide product recalls over impurities, incorrect dose display and packaging errors. Industry & Talent: ESports Bermuda and Bermuda Island Games launch an initiative to turn gaming into education, STEM skills and career pathways. Business Operations: BermudAir faces a customer complaint over missing luggage and lack of baggage scanning/tracking. Creative Tech: Photoplay partners with Bermuda Tech Lab to roll out “Frameless Production” for immersive, AI/AR/VR and Unreal Engine experiences. Labour Spotlight: Labour Day coverage highlights union unity and campaign tensions within the PLP leadership race.

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.