AGP Executive Report

Aviation & Tourism: BermudAir is relocating its Central Florida nonstop service from Orlando International (MCO) to Orlando Sanford (SFB) starting Oct. 2026, with Belize service from Dec. 21, plus record customer satisfaction (May NPS 78.92; Loyalty 91.83%) as it pushes further into the Caribbean. Aviation Expansion: The airline also announced new winter routes, including direct service to Grand Cayman (via Turks & Caicos) and non-stop Turks & Caicos, with tickets going on sale Friday. Healthcare Workforce: Eight Bermuda College associate-degree nursing graduates were pinned and are now eligible to prepare for the NCLEX amid ongoing staffing pressures. Captive Insurance Leadership: Thomas McMahon won the 2026 Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, highlighting decades of advocacy and leadership at Davies Captive Management. Insurance Services M&A: Pinnacle Actuarial Resources acquired Bermuda-based Ordinance Holdings and renewal rights for Canadian firm Grape Bay, expanding Pinnacle’s Bermuda-Canada footprint. Banking Regulation: The Bermuda Monetary Authority is seeking feedback on a future banking framework that could let foreign banks operate via local agents for narrower services. Housing & Planning: Bermudiana Beach change-of-use faces planning refusal over parking shortfalls, with some units proposed as “cycle-only.” Finance Leadership: Trebuchet Group appointed Heather Bisbee as Group Finance Director, based primarily in the UK.

Bermuda Captive Conference: The Bermuda Captive Conference kicks off in Hamilton with a theme of “Unlocking Markets. Commanding Risk,” expected to draw 530+ delegates and spotlight governance, alternative risk transfer, and AI as Bermuda’s captive ecosystem keeps expanding. Industry Leadership: Thomas McMahon of Davies Captive Management Bermuda wins the 2026 Fred Reiss Lifetime Achievement Award, while Aon’s Séadna Kirwan says Bermuda captives are attracting more Bermudians but still need more local talent, including accountants. Insurance Appointments: AXIS Capital names Austin Su head of alternative risk for North America, and Hamilton Global Specialty launches a Private Clients business with Jamie Keaney as Head of Private Clients. Data & Delegated Underwriting: VIPR Solutions brings executives to Bermuda to discuss digital tools for delegated authority underwriting and quota share reinsurance as MGA growth pushes demand for efficiency. Re/insurance Services M&A: Pinnacle Actuarial Resources acquires Ordinance Holdings and renewal rights for Grape Bay, expanding its Bermuda and Canada footprint. Construction & Infrastructure: Government issues an RFP for Southlands Seawall excavation and stabilization. Energy & Sustainability: Bermuda National Trust installs a solar pergola at Waterville to cut carbon while preserving the Grade 1 heritage building.

Caribbean Tourism in the Spotlight: Bermuda is among the destinations represented as Caribbean Week 2026 opens in New York, with ministers and industry leaders meeting under “One Caribbean: Infinite Experiences” to push resilience, connectivity and growth. Captive Insurance Leadership: Thomas McMahon received the Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, while the event also featured closed-door regulator sessions with the Bermuda Monetary Authority and a focus on unlocking more value from captives. Bermuda Captive Conference Momentum: Organisers expect 530+ delegates and 65 speakers, with themes spanning governance, alternative risk transfer and AI, plus updates on Bermuda’s captive market scale. Insurance Tech in Bermuda: VIPR Solutions executives are in Bermuda discussing delegated authority and quota share reinsurance, arguing that digital platforms are key as MGA growth and cost controls intensify. Coastal Construction RFP: Government issued an RFP for Southlands Seawall work, seeking a contractor to excavate and stabilize a vulnerable cliff face and build a concrete seawall. Energy & Sustainability: Bermuda National Trust installed a solar pergola at Waterville to cut carbon while preserving the Grade 1 listed building’s historic character. Local Talent & Community: In Motion School of Dance prepares its 29th recital, and Bermuda’s “Thoughts Become Things” won two Telly Awards for music and audience-voted film recognition.

Cruise & Hospitality: Virgin Voyages’ Valiant Lady is back from drydock with 10 redesigned spaces, including a reworked Ariya restaurant, refreshed onboard venues, and a bigger retail lineup—another signal of steady demand for Bermuda-linked travel. Offshore Energy & Industry: Eldorado Drilling agreed to buy Bermuda-based Vantage Drilling International in a $257.6–$258m all-cash deal, pairing Eldorado’s modern drillships with Vantage’s fleet and market presence. Renewables & Heritage: The Bermuda National Trust installed a solar pergola at Waterville, using clean power while keeping the Grade 1 building’s historic look intact. Local Energy Talent: Two Bermudian students won $25,000 each plus summer internships through the Department of Energy Bursary Programme, backing the next wave of technical and regulatory leaders. Captives & Risk Leadership: Conner Strong & Buckelew added Derek Martisus as partner for alternative risk and national captives, while Bermuda Captive Conference preparations point to 530+ delegates and a heavy focus on governance, ART and AI. Banking Deal: Carey Olsen advised Butterfield on its $1.8bn acquisition of CIBC Caribbean, setting up a larger regional banking and wealth platform across the Caribbean. Food Security: Government launched the “Grow Local” initiative to boost domestic production and reduce reliance on imported food.

Captive Insurance Leadership: Conner Strong & Buckelew adds Derek Martisus as partner, alternative risk and national captive leader, boosting its captive practice with 22+ years’ experience across US domiciles, Cayman and Bermuda. Bermuda Captive Conference: The Bermuda Captive Conference opens 1–3 June in Hamilton with 530+ delegates, 65 speakers and a focus on “Unlocking Markets. Commanding Risk,” as Bermuda remains a major global captives hub. Digital Finance Policy: Premier David Burt says Cabinet has approved legislation to let Bermuda accept stablecoin payments and manage certain public financial assets digitally, updating treasury and public funds rules for the on-chain economy. Banking Deal: Carey Olsen advises Butterfield on its $1.8bn acquisition of CIBC Caribbean’s 91.7% stake, creating a regional banking and wealth platform across international financial centers and the Caribbean. Energy Skills Pipeline: Government launches the Grow Local initiative and, separately, names inaugural Department of Energy bursary recipients for engineering and applied math tracks. Shipping & Tourism Pulse: Marine & Ports Services publishes the weekly shipping schedule, while Caribbean Week in New York draws Bermuda tourism participation as regional ministers align on resilience and growth.

Energy & Skills: The Department of Energy’s new bursary programme has named Neriah Bean and Benjamin Crofton as inaugural recipients, each getting a $25,000 scholarship plus an 8–12 week paid internship starting 8 June, aimed at building Bermudian talent for the island’s evolving energy sector. Local Food Security: Minister Diallo Rabain launched the “Grow Local” initiative in Parliament, using an online platform to connect landowners with farmers and boost use of Bermuda’s designated agricultural land to reduce reliance on imports. Housing Delivery: Zane DeSilva says the Affordable Housing Programme’s initial phase will deliver 229 units, with $114.75m planned over about 18 months and precast construction led by partners in Virginia and Barbados. Digital Finance Policy: Premier David Burt outlined Cabinet-approved legislation to let government accept stablecoin payments and manage certain public financial assets in digital form, updating the Public Treasury Administration and Payments Act and the Public Funds Act. Regulation & Finance: The Bermuda Monetary Authority announced senior executive appointments—Mesheiah Keane as COO and another CTO appointment—to support its technology transformation and resilience. Banking Deal: Butterfield agreed to acquire CIBC Caribbean in a US$1.8b transaction, setting up a major regional banking and wealth-management platform across the Caribbean. Shipping Watch: Marine & Ports Services published the weekly shipping schedule, including multiple cruise and container arrivals for the week starting 30 May. Maritime/Industry Talent: Willis named new FINEX North America cyber leadership roles, including a Head of Cyber, to strengthen strategy and client engagement.

Digital Finance Push: Premier David Burt says Cabinet has approved legislation to let Bermuda accept stablecoin payments and manage certain public financial assets digitally, updating the FinTech Development Fund and public finance laws to support the island’s “on-chain economy.” Regulatory Appointments: The Bermuda Monetary Authority names Mesheiah Keane as COO and Mesheiah Keane as COO and Collier as CTO (tech transformation focus). Digital Asset Licensing: Kimber Labs’ Bermuda unit, KDAB, gets a Class M Digital Asset Business Licence for Plume’s onchain vault management under the DABA framework. Banking Deal: Butterfield signs to acquire CIBC’s 91.7% stake in CIBC Caribbean for about US$1.8b, aiming for full ownership and a combined ~US$29b-asset regional banking platform. Housing Delivery: Minister Zane DeSilva outlines $114.75m for 229 homes in 18 months, plus separate planning permission sought for 48 new units. Tourism Tech: PadsPass CEO Lauren Anders Brown to speak at Caribbean Week NYC on pet-travel compliance. Marine & Ports: Bermuda’s weekly shipping schedule lists major cruise and container arrivals for the week starting May 30. Local Sport: Hamilton Parish Hurricanes captain Terryn Fray backs a third straight Bermuda Smash title.

Banking & M&A: Butterfield has agreed to buy CIBC’s 91.7% stake in CIBC Caribbean in a US$1.79b deal, with cash plus Butterfield shares valuing the bank at US$1.14 per share; Butterfield plans a mandatory bid to take full control, with closing targeted for H1 2027. Housing Delivery: Minister Zane DeSilva says $114.75m will fund 229 residential units in 18 months, with 229 units across multiple sites and precast construction chosen for speed and cost. Digital Finance Policy: Premier David Burt says Cabinet approved updates to Bermuda’s digital finance laws to allow stablecoin payments and digital management of certain public financial assets under existing controls. Regulation & Crypto Markets: The U.S. CFTC approved Kalshi’s first regulated bitcoin perpetual contract (BTCPERP) and issued Coinbase staff relief for routing certain crypto perps via a regulated structure. BMA Leadership: Bermuda Monetary Authority appoints Mesheiah Keane as COO and Keane as CTO Collier, aiming to strengthen tech transformation and supervisory resilience. Tourism Tech: Bermuda-based pet travel platform PadsPass CEO Lauren Anders Brown will speak at Caribbean Week in New York on June 2 about digital pet compliance for cross-border travel. Shipping & Ports: Marine & Ports Services released the week starting May 30 shipping schedule, including multiple cruise arrivals and container ship movements.

Digital Finance Push: Premier David Burt says Cabinet has approved legislation to let Bermuda accept stablecoin payments and manage certain public financial assets on-chain, updating the Public Treasury Administration and Payments Act and the Public Funds Act, plus modernising the FinTech Development Fund. BMA Leadership & Tech: The Bermuda Monetary Authority appoints Mesheiah Keane as COO and Graham Collier as CTO to strengthen its digitally driven supervision and operational resilience. Onchain Licensing: Kimber Labs’ Bermuda unit, KDAB, gets a Class M Digital Asset Business Licence under the Digital Asset Business Act, positioning Plume’s onchain vault management as a regulated option. Housing Delivery: Minister Zane DeSilva outlines an 18-month push for 229 units (and $114.75m) using precast construction, with BLMC and BHC coordinating procurement and timelines. Caribbean Banking Deal: Butterfield agrees to acquire CIBC’s 91.7% stake in CIBC Caribbean Bank in a US$1.794bn transaction, creating a major regional banking and wealth platform. Insurance Market Watch: KBW flags catastrophe reinsurance renewal pricing reductions nearer 20% than 15% mid-year, while terms and conditions largely hold. Crypto Derivatives Regulation: The U.S. CFTC approves Kalshi’s first regulated bitcoin perpetual futures contract and issues guidance enabling Coinbase to route clients into global perps. Tourism Tech: Bermuda-based PadsPass CEO Lauren Anders Brown will speak at Caribbean Week in New York on digital pet travel compliance.

Digital Finance & FinTech Policy: Premier David Burt says Cabinet has approved updates to Bermuda’s digital finance laws, including modernising the FinTech Development Fund and amending public finance rules so digital assets can be accepted and managed with proper controls. Onchain Licensing: Kimber Labs’ Bermuda arm, KDAB, has been granted a Class M Digital Asset Business Licence by the BMA, positioning Plume’s onchain vault model under Bermuda’s DABA framework. Banking Deal: Butterfield has agreed to acquire CIBC’s 91.7% stake in CIBC Caribbean Bank in a US$1.794bn deal, creating a roughly US$29bn banking and wealth platform across the Caribbean and international centres. Housing Pipeline: Plans are moving on multiple fronts, with the Affordable Housing Programme set to deliver 229 units in the initial phase and separate planning applications for 48 new homes. Local Food Supply: Minister Diallo Rabain launched the “Grow Local” online facilitation tool to connect landowners with farmers and boost Bermuda’s local crop production. BMA Leadership: The BMA appointed Keane as COO and Collier as CTO to support its technology transformation and supervisory resilience push. Insurance & Captives: Martisus joins Conner Strong & Buckelew as national captive leader, adding 22+ years’ experience across major captive domiciles including Bermuda.

Banking & Wealth: Butterfield has signed a definitive deal to acquire CIBC’s 91.7% stake in CIBC Caribbean Bank for about US$1.8 billion, creating a combined platform with roughly US$29 billion in assets and expanding cross-border payments, consumer/merchant banking and digital capabilities. Legal & Professional Services: Carey Olsen Bermuda acted as joint lead counsel on the landmark, multi-jurisdiction transaction. Telecom Standards: Paradise Mobile co-founder and CTO Zlatko Zahirović has been appointed Deputy Chair of the GSMA North America Terminals Working Group, putting Bermuda at the table for device and roaming standards across North America. Insurance & Cost of Living: Opposition finance shadow minister Douglas De Couto says Bermudians will be “shocked” by Allshores’ reported US$21m gain from Bermuda’s substance-based tax credit, arguing benefits should flow to policyholders. Onchain Policy: BMA CEO Craig Swan says Bermuda’s onchain economy may require legal changes, including tweaks to how property and share registers are defined for smart contracts. Local Business: Harbour Roast is spotlighted as a speciality coffee importer aiming to fix Bermuda’s “stale” supply chain. Housing & Education: Bermuda College and Mount Saint Vincent University in Canada signed a five-year articulation agreement enabling a tourism and hospitality bachelor pathway without leaving the island. Energy/Utilities: Coral Beach & Tennis Club says Belco’s removal of a hotel electricity discount is pushing up operating costs and dues. Capital Markets: Borr Drilling priced an upsized US$2.035 billion senior secured notes offering to refinance 2028/2030 debt and fund general purposes.

Financial Services & Markets: Butterfield has agreed to buy 91.7% of CIBC Caribbean Bank, aiming to build a larger banking and wealth platform across international financial centres and Caribbean markets. Insurance & Tax Policy: Shadow Finance Minister Douglas De Couto says Bermudians will be “shocked” by Allshores’ reported $20.8m gain from Bermuda’s substance-based tax credit, arguing the benefit should flow to customers via premium and rate transparency. Regulation & Digital Economy: BMA CEO Craig Swan says Bermuda’s onchain economy may require legal tweaks, including how smart contracts and share registers are treated under property and securities law. Education & Workforce Skills: Bermuda College signed a five-year articulation deal with Canada’s Mount Saint Vincent University, letting hospitality students transfer up to 25 courses toward a bachelor’s in tourism and hospitality management. Energy & Hospitality Costs: Coral Beach & Tennis Club says Belco’s removal of a hotel electricity discount will push up 2026-27 dues by 5%. Shipping & Industry Links: Samsung Heavy Industries booked a Bermuda-linked shipowner order for five vessels (including LNG and crude tankers), underscoring Bermuda’s reach into global maritime production. Agriculture & Food Security: The Grow Eat $ave Gardening Programme marked its 10th year, with 45 participants honoured for boosting food security and healthier community growing.

AI in Finance: Kailanta Capital’s founder Janet Adams says a next-gen AI asset fund is planned for launch in Q4 under Bermuda’s segregated accounts framework, with a focus on explainable AI and “instant settlement.” Insurance & Regulation: The OBA’s Douglas De Couto argues Bermuda should regulate local insurers’ premium/rate changes and scrutinize how insurers control medical practices and pharmacy choice. Tax Transparency: Allshores booked a $20.8m estimated gain from Bermuda substance-based tax credits, cutting 2025 operating expenses by 13.8%. Reinsurance/Capital Markets: Safepoint Holdings seeks up to $283.3m in a US IPO; it also has Bermuda-based reinsurance captives. Tourism Leadership: Bermuda Tourism Authority names Jan Hutton as CEO effective July 1, aiming to align marketing with new hotel capacity and airlift plans. Shipping & Energy: Samsung Heavy Industries won orders worth over 1 trillion won for five vessels from a Bermuda-based shipping company, including LNG and gas carriers plus crude tankers. Housing Pipeline: Planning applications filed for 48 new units across Sandys and St George’s. Agriculture & Food Security: Grow Eat $ave Gardening Programme marks 10 years, with 45 participants honoured for supporting local food security.

Cyber & Insurance Leadership: Willis (WTW) named new FINEX North America leaders for cyber strategy, client engagement and execution—roles spanning the US, Canada and Bermuda. Tourism Leadership: Bermuda Tourism Authority appointed Jan Hutton as CEO effective July 1, aiming to match marketing and commercial strategy to new hotel capacity and airlift plans. Shipping & Energy: Samsung Heavy secured a Bermuda-based shipowner’s order for five vessels (including LNG, VLGCs and crude tankers) worth about $665m, underscoring Bermuda-linked demand in high-value marine builds. Housing Policy Debate: Fresh commentary argues Bermuda’s housing strategy still fails to fully reconnect housing and population planning, calling for stronger private-sector activation and financing. Tax & Captives: Allshores booked a $20.8m estimated gain from Bermuda’s substance-based tax credit, cutting 2025 operating expenses by 13.8%. Construction Pipeline: Bermuda Chamber says building permit processing times have risen sharply since 2019, with statutory stages driving delays. Agriculture & Food Security: Grow Eat $ave marked 10 years, with the Ministry of Health honouring participants for community resilience and home food growing. Education Pathways: Bermuda College and Mount Saint Vincent University agreed a tourism and hospitality bachelor’s pathway that can be completed without leaving Bermuda. Captive Market Pulse: Deadline for Bermuda captive survey feedback extended to May 27. Climate & Ocean Research: Convex Seascape Survey landed in Bermuda, using seabed sediment sampling to support potential protections around destructive fishing and “blue carbon” policy gaps.

SailGP Spotlight: SailGP is back in New York this weekend for the Mubadala New York Sail Grand Prix (May 30–31), with 6,000+ expected spectators and high-speed Hudson racing—though the Black Foils are still out for F50 repairs. Bermuda Tourism Leadership: Bermuda Tourism Authority has named Jan Hutton as CEO effective July 1, replacing acting CEO Erin Wright as the island readies for new hotel capacity, airlift growth, and product investment. Crypto Ambition: Bermuda’s Money Authority CEO Craig Swan says the island is pushing toward a fully onchain economy, including citizen onboarding via stablecoin use and updated rules for digital-asset tax payments. Aviation Customer Win: BermudAir reports a net promoter score of 70, placing it among the world’s best for customer recommendation. Captive Market Pulse: A Bermuda captive survey deadline was extended to May 27, aiming to gauge demand and regulatory positioning in the captive sector.

Bermuda Captives: The captive market survey deadline has been extended to 27 May, giving industry more time to weigh in on regulation, innovation and demand across sectors. Aviation & Tourism: BermudAir is getting serious passenger love, posting a net promoter score of 70—a standout result in a tough global airline benchmark. Housing Pressure (Opinion): Michael Fahy and others are pushing back hard on the Affordable Housing Strategy 2025–2035, arguing Bermuda has had the same crisis for decades and that plans need faster, real execution. Digital Finance (Politics): Premier David Burt dodged questions on a post-office role in crypto, but reiterated his plan to keep backing Digital Finance Bermuda. Planning & Permits: The Chamber of Commerce says building permit processing times have risen sharply since 2019, with delays sitting in statutory stages. Marine Science: The Convex Seascape Survey has arrived in Bermuda, aiming to support future protections by studying how seabed carbon is affected by human activity. Community & Culture: MSA’s Color Me Walk/Run is set for 29 May, and Bermuda Dance Academy’s Page to Stage runs 6 June.