AGP Executive Report

Offshore Energy: Bermuda-headquartered Borr Drilling says five people are missing after its Prospector 5 rig sank off Gabon; 110 of the 115 people aboard have been accounted for. Tourism & Aviation: United will start weekly nonstop Chicago–Bermuda flights in April 2027, opening a new visitor gateway. The Airport Authority and FAA have also upgraded backup radios at L.F. Wade International to strengthen emergency communications. Workforce: Government is recruiting for heavy-truck driver training aimed at widening access to jobs in transport, construction and logistics. Housing & Construction: Bermuda Commercial Bank has committed another $50.75 million to Dr Cann Park II, a project planned to deliver 110 rental homes. Economy: Bermuda’s economy grew 1% in real terms in 2025, its fifth consecutive year of growth, with 11 of 19 industry groups expanding. Insurance: Chubb has launched Bermuda-based direct life cover for high-net-worth clients, including protection, savings and investment-linked products.

Tourism Links: United Airlines will start weekly nonstop Chicago–Bermuda flights on April 3, 2027, opening a new route into the island’s tourism market. SailGP pre-sale tickets for next May’s Bermuda event are available until October 26, while allocations last. Airport Infrastructure: The Bermuda Airport Authority and FAA have upgraded the tower’s emergency backup radios and trained local staff to operate and maintain them. Workforce: A heavy-truck driver training programme runs November 9 to December 18, targeting skills needed in transportation, construction and logistics. Economic Growth: Bermuda’s economy grew 1% in real terms in 2025 to $7.2 billion, marking five straight years of growth; 11 of 19 industrial groups expanded. Finance and Insurance: Chubb has launched Bermuda-based direct life cover for high-net-worth clients. Bermuda recorded 51 insurance-related registrations in the first nine months of 2026, up 18.6% year on year, and a family-office forum is set to return in 2027. Construction Finance: Bermuda Commercial Bank has committed a further $50.75 million to help fund 110 rental homes at Dr Cann Park II.

Insurance: Chubb has launched Chubb Life Bermuda, offering high-net-worth clients life protection, savings and investment-linked products through local subsidiary Chubb Tempest Life Reinsurance. Bermuda recorded 51 insurance-related registrations in the first nine months of 2026, up 18.6% year-on-year. Private Wealth: Prestel & Partner will bring its family office forum back to Bermuda in October 2027 after a two-day retreat at The Loren, sponsored by the Bermuda Business Development Agency. Construction and Housing: Bermuda Commercial Bank committed an additional $50.75 million to Dr Cann Park II, financing 110 new rental homes and bringing its affordable-housing commitments this year to more than $150 million. Economic Growth: Bermuda’s economy grew 1% in real terms in 2025 to $7.2 billion, marking five consecutive years of growth; 11 of 19 industry groups expanded.

Insurance: Chubb has launched Chubb Life Bermuda, offering high-net-worth clients life protection, savings and investment-linked products. Bermuda recorded 51 insurance-related registrations in the first nine months of 2026, up 18.6% year on year. Economic Growth: The economy expanded 1% in real terms in 2025 to $7.2 billion, marking five consecutive years of growth, though the pace slowed from 2024. Housing and Construction: Bermuda Commercial Bank committed a further $50.75 million to Dr Cann Park II, funding 110 rental homes and bringing its affordable-housing commitments this year to more than $150 million. The homes are to be manufactured in Barbados using a method intended to speed construction and improve hurricane resilience. Procurement Scrutiny: Questions remain over overseas visits linked to the Government’s housing contracts; records show advisory committee trips to just two of nine firms considered, while the housing minister has said he separately visited a Canadian supplier.

Housing Construction: Work has started on Southampton’s Dr Cann Park II seniors’ project, backed by a $50 million Bermuda Commercial Bank financing commitment. Preconco will manufacture the homes in Barbados, with the company touting faster construction and hurricane resilience. A separate disclosure shows the Government’s housing committee visited only two of nine firms considered before no-bid contracts went to Preconco and Coastal Precast. Insurance Market: Chubb chief Evan Greenberg warned that a surge of alternative capital is adding “naive capacity” and putting pressure on pricing; Bermuda accounts for about 92% of global insurance-linked securities alternative capital. Risk Innovation: Bermuda-linked Arbol launched cover for data-centre developers facing government moratoriums that halt construction. Financial Services: AM Best affirmed stable “A” and “a+” ratings for Bermuda-domiciled captive Stellar Insurance, while Clarien Bank appointed Bermudian Duncan Card to its board, subject to Bermuda Monetary Authority approval. Business Resilience: One Communications will host a free data-protection seminar on October 29, focusing on cybersecurity and companies’ responsibilities.

Housing Construction: Work has begun on Dr Cann Park II in Southampton, a seniors’ housing project backed by a $50 million Bermuda Commercial Bank financing commitment. Preconco will manufacture the homes in Barbados, with the design intended to speed construction and improve hurricane resilience; records show the Government’s housing committee visited only two of nine firms considered for contracts. Insurance Market: Chubb CEO Evan Greenberg warned that surging alternative capital is adding “naive capacity” and pushing supply ahead of demand. Bermuda accounts for about 92% of global insurance-linked securities alternative capital. Risk Innovation: Bermuda-linked Arbol has launched cover for data-centre developers and financiers facing government moratoriums that halt construction. Shipping Services: The Bermuda Post Office is seeking a new international package-consolidation and transportation partner after a court ruling overturned its previous agreement. Financial Services: Clarien Bank has appointed Bermudian Duncan Card, a veteran banking, technology and governance adviser, to its board, subject to BMA approval.

Business Preparedness: Brava by One Communications will host a free data protection seminar on October 29, bringing experts and businesses together to discuss cyber threats, regulation and protecting customer and financial information. Cost of Living: The Bermuda Trade Union Congress is urging a two-year health insurance rebate, proposing a 50 per cent rebate in 2027 and a full rebate in 2028 to help ease household costs. Shipping: Government is seeking a new international package-shipping partner after a court ruling overturned the previous agreement. The service would provide overseas addresses, package consolidation and delivery to Bermuda. Banking: Clarien Bank has appointed Bermudian Duncan Card to its board, subject to Bermuda Monetary Authority approval. Card brings more than 30 years’ experience in law, financial services, technology and governance. Insurance: The Fidelis Partnership has named Greg Bowman CEO of Bermuda and made two other senior appointments, saying the moves will strengthen its local operations and capabilities. Port Infrastructure: An investigation and structural assessment are under way after a cruise ship struck Heritage Wharf. Government says shipping continues as normal.

Skills and Innovation: Aon donated $10,000 to Bermuda College Foundation to support resources and programmes, while the Bermy Bots prepare for an international robotics competition with specialist mentorship. Financial Services: Clarien Bank appointed Duncan Card, a Bermuda-based technology and governance adviser, to its board, subject to Bermuda Monetary Authority approval. The Fidelis Partnership named Greg Bowman its Bermuda CEO and made further senior appointments as it grows its local operation. Ports and Shipping: Government is assessing damage to Heritage Wharf after a cruise ship struck the berth; shipping continues without disruption. The Bermuda Post Office is also seeking a new international shipping partner after a court ruling overturned its previous agreement. Construction Supply: Heart and Soul Construction and Unique Xpress Shipping imported 1,500 pallets of concrete block from the Dominican Republic to widen supply options, with further shipments dependent on demand.

Consumer Alert: RUBiS Energy Bermuda warned that a fake Facebook fuel giveaway could steal personal or financial information. Insurance: Fidelis named Greg Bowman Bermuda CEO and made further senior appointments as it develops its island operations; Chubb’s third-quarter net income edged up on record investment income despite higher catastrophe losses. Construction: A local builder and shipping firm brought in 1,500 pallets of concrete block to widen supply after shortages. Tourism Investment: Plans for a new Elbow Beach hotel, with a tax holiday of up to 15 years, could bring construction and tourism activity; the project also includes 22 residences. Jobs: Bermuda’s filled jobs rose for a fourth straight year to 33,820 in 2025, but jobs held by Bermudians fell by 65. Digital Finance: Bermuda is continuing to develop its digital-asset rules, including guidance on tokenisation, stablecoins and AI in financial services.

Construction Supply: Heart and Soul Construction and Unique Xpress Shipping have brought 1,500 pallets of concrete block from the Dominican Republic, adding a supply option after shortages this summer. Fuel Alert: Rubis warned that a fake Facebook giveaway using its name could be phishing for personal or financial details. Public Procurement: Government defended bypassing competitive bids for phase one of its $418.5 million affordable housing programme, while promising a formal procurement process for phase two. Tourism Investment: Plans for a new Elbow Beach Hotel include 22 residences and a tax break of up to 15 years, with construction expected to follow demolition of the old hotel. Financial Services: Bermuda-based Conduit Re has brought in specialty underwriter Winfried Knust to support growth in credit, surety, political risk and mortgage reinsurance. The BMA is also advancing its digital-asset framework as tokenisation, stablecoins and AI gain ground. Employment: Bermuda’s filled jobs rose by 369 to 33,820 in 2025, with construction adding 106 jobs; jobs held by Bermudians slipped by 65.

Cost of Living: Bermuda’s unions want $1.2 billion in corporate income tax revenue redirected to make HIP and FutureCare premiums free, and are holding public meetings this week. Financial Services: The BMA’s October digital-assets update details work on tokenisation, stablecoins and AI regulation. Appleby has also added banking and finance associate Harshil Patel, while Conduit Re is seeking specialty growth with the engagement of veteran underwriter Winfried Knust. Tourism and Construction: Plans for a new Elbow Beach Hotel include up to 15 years of tax breaks, 22 luxury residences and a possible 2029 opening, with demolition expected to start by early 2027. Employment: Bermuda’s filled jobs rose to 33,820 in 2025, led by gains in construction, transport and hospitality, but jobs held by Bermudians slipped by 65. Business Growth: A November 6 summit will connect local entrepreneurs with international investors and funding expertise. Bermuda-based payments firm Powertranz has partnered with Mastercard to bring pay-at-the-table services to restaurants in Trinidad and Tobago and Barbados.

Tourism & Construction: The proposed new Elbow Beach Hotel could open by 2029, with demolition expected by early 2027. The development includes 22 residences and a tax holiday of up to 15 years. Digital Finance: The BMA is expanding its regulatory work on tokenisation, stablecoins and AI, building on Bermuda’s digital-asset laws. Labour Market: Filled jobs rose for a fourth straight year to 33,820 in 2025, but jobs held by Bermudians fell by 65; construction and transportation were among the growing sectors. Business Growth: A November 6 venture summit aims to connect Bermudian entrepreneurs with international investors and seed funding. Reinsurance: Conduit Re has brought in specialist Winfried Knust to support growth in credit, surety, political risk and mortgage lines. Offshore Energy: Bermuda-based Transocean announced two Gulf of Mexico drillship contracts worth about $550 million in firm backlog. Hospitality Training: Bacardi is accepting applications for its fifth free bartender-training cohort for Bermudians, in partnership with the Department of Workforce Development.

Labour Market: Bermuda’s employment rose for a fourth straight year in 2025, reaching 33,820 filled jobs. Construction, transport, healthcare and hospitality grew, but jobs held by Bermudians slipped by 65, with an ageing workforce cited as a factor. Payments: Bermuda-based Powertranz and Mastercard are rolling out pay-at-the-table contactless payments for restaurants in Trinidad and Tobago and Barbados. Insurance: Josh Wander, co-founder of 777 Partners, pleaded guilty to fraud involving at least $500 million. The firm backed Bermuda reinsurer 777 Re, which ceased insurance business in 2024 after regulatory action. Digital Finance: Premier David Burt’s delegation promoted Bermuda’s digital-asset rules in meetings with US securities and commodities regulators, highlighting the BMA’s work on supervision, tokenisation and stablecoins. Offshore Energy: Bermuda-headquartered Seadrill won a contract expected to keep its West Carina drillship working for almost five years. Tourism & Blue Economy: Taste of Bermuda recorded 1,061 ticket sales, while industry operators have called for clearer approvals, better access to docks and moorings, and more Bermudian marine professionals to unlock ocean-based business.

Payments: Bermuda-headquartered Powertranz and Mastercard are bringing pay-at-the-table contactless payments to restaurants in Trinidad and Tobago and Barbados, using Android devices or QR codes. Insurance: 777 Partners co-founder Josh Wander pleaded guilty to fraud tied to at least $500 million in losses. Bermuda’s regulator had intervened at its reinsurer, 777 Re, over governance, investment and capital concerns; the company stopped insurance business in 2024. Digital finance: Premier David Burt led a delegation to Washington to discuss Bermuda’s digital-asset rules with US securities and commodities regulators, including the BMA’s work on tokenisation, stablecoins and AI. Tourism: Taste of Bermuda reported 1,061 ticket sales for its October festival, showcasing local chefs, bartenders and hospitality businesses. Workforce: Bermuda added 369 jobs in 2025, but Bermudians held 65 fewer positions than the year before; workers over 65 accounted for nearly one in ten jobs. Blue economy: Industry operators say equipment costs, skills shortages, fragmented approvals and limited dock space are holding back growth in marine tourism and other ocean businesses.

Hospitality: Taste of Bermuda drew 1,061 ticket sales, showcasing local chefs and new dining experiences. Bacardi has also opened applications for a fifth bartender-training cohort to help meet the sector’s demand for skilled staff. Blue Economy: Marine operators say high equipment costs, staffing shortages, fragmented approvals and limited dock and mooring access are holding back ocean-based businesses; clearer rules could help unlock growth. Digital Finance: Premier David Burt promoted Bermuda’s digital-asset framework in Washington, briefing SEC and CFTC leaders as US agencies develop sector rules. Employment: Bermuda added 369 jobs in 2025, but 65 fewer were held by Bermudians; older workers now fill nearly 9.4% of the island’s jobs. Maritime Safety: A UK investigation into a fatal lift accident aboard Bermuda-registered cruise ship Arvia found the lift was not secured before a crew member entered its shaft. Cybersecurity: A new peer council for Bermuda’s technology and security leaders plans to share threat intelligence, run incident exercises and support local talent.

Hospitality: Taste of Bermuda 2026 sold 1,061 tickets, showcasing local chefs and bartenders and bringing new dining experiences to the island. Blue Economy: A call for long-awaited legislation argues Bermuda can grow ocean-based tourism and other businesses by easing approval hurdles, addressing marine-professional shortages and improving access to docks and moorings. Digital Finance: At DC Fintech Week, Premier David Burt briefed US regulators on Bermuda’s digital-asset rules and the Bermuda Monetary Authority’s work on tokenisation, stablecoins and AI. Employment: Bermuda added 369 jobs in 2025, but 65 fewer were held by Bermudians, highlighting workforce and demographic pressures. Cybersecurity: A new industry council will connect senior technology and security leaders across sectors, with a public launch planned for November 5. Maritime Careers: Endeavour’s latest programme graduates join 92 alumni; more than 70 per cent are employed or continuing their education.