AGP Executive Report

Maritime Security: Bermuda’s Ministry of National Security has issued an RFP for up to two new 33–38 foot patrol/interceptor vessels for the Royal Bermuda Regiment Coast Guard, with interchangeable parts aimed at faster training, maintenance and logistics. Startup & Finance: BEDC welcomed 13 businesses into its Enterprise Bermuda Incubator (8th cohort), offering mentorship, office space, and subsidised professional services. Digital Payments: Berpay says it has received a Bermuda Monetary Authority testing licence for a Class T digital-asset payment model, targeting easier phone-based payments for local consumers and businesses. Insurance & Risk: Bermuda regulator Gerald Gakundi warned insurers that outsourcing private-credit management doesn’t remove board responsibility to understand borrowers, collateral and liquidity risks. Tourism & Hospitality: Greg Ramey was appointed CEO of the Bermuda Hotel Association, effective Oct 1, bringing experience from BermudAir Holidays. Aviation Tragedy: Names were released for the Bermuda-to-Boston air ambulance crash off Nantucket; search efforts have been suspended and debris confirmed. Corporate Real Estate: Brookfield’s Ninety One building is 90% leased, with sustainability credentials including LEED Platinum. Cybersecurity: Brava, powered by One Communications, announced a Bermuda Cybersecurity Summit on Oct 29.

Bermuda Hotel Industry: Greg Ramey has been appointed CEO of the Bermuda Hotel Association, effective Oct. 1, taking over from Stephen Todd after 12 years; Ramey previously led BermudAir Holidays and brings airline and group travel experience. Financial Literacy & Markets: The BMA and BSX kicked off World Investor Week at the BSX with a bell-ringing event, focusing on investor resilience, scam awareness, and “Invest in Your Future, Protect it Today.” Insurance & Risk: Arcadian Risk Capital is expanding property underwriting with a new Bermuda-led team headed by Gavin Davis, targeting commercial property and engineered risks for North America. Digital Payments: Berpay received a Bermuda Monetary Authority testing licence for a digital wallet aimed at making everyday payments easier using digital assets. Regulation & Private Credit: Bermuda’s insurance regulator warned that insurers can’t outsource understanding of private-credit risks to managers—boards must know borrowers, collateral, and governance. Maritime Security: Government issued an RFP for up to two new RBRCG patrol/interceptor vessels to modernise and standardise the Coast Guard fleet. Aviation Tragedy: The US Coast Guard suspended its search for six aboard a medical jet that disappeared after departing Bermuda for Boston, with debris found off Nantucket.

Aviation Tragedy: The U.S. Coast Guard has suspended its search for six people after a medical Gulfstream G100 vanished on a Bermuda-to-Boston flight; debris was found off Nantucket, and the families of the four Canadians and two Bermudians have been notified. Public Finance: Premier David Burt’s government is projecting a $169.6m surplus for 2025/26, driven by stronger revenue including corporate income tax, as he prepares to hand over the finance portfolio. Tourism & Hospitality: Greg Ramey has been appointed CEO of the Bermuda Hotel Association, stepping in as the organisation prepares for Stephen Todd’s retirement. Investor Education: The BMA and BSX rang the bell for World Investor Week, launching Bermuda’s tenth-anniversary celebrations and a free financial literacy webinar. Insurance & Risk: Bermuda regulator Gerald Gakundi told insurers that even when private credit is outsourced, boards must understand and explain the risks on their balance sheets. Cybersecurity: Brava, powered by One Communications, announced a “Protect What You’ve Built” Bermuda Cybersecurity Summit on Oct 29. Energy & Renewables: Government is moving ahead with a $50,000 balcony solar pilot for homes without rooftop space, with site assessments now underway. Digital Payments: Berpay received a Bermuda Monetary Authority testing licence to trial digital-asset payments for everyday commerce. Maritime/Legal: Appleby advised NYK on its acquisition of a 50% interest in Avenir LNG, underscoring Bermuda’s role in LNG and bunkering deals. Property/Capital Markets: Arcadian Risk Capital is expanding its property underwriting with a Bermuda-led team headed by Gavin Davis.

Africa Insurance Deal: Helios Investment Partners says it has sold Africa Specialty Risks (ASR) to Vitruvian Partners after regulatory approvals, with ASR operating an Africa-focused Lloyd’s syndicate and reporting rapid premium growth plus skills-transfer work in local markets. Real Estate & Industry: Rockpoint bought the Richmond Trade Center warehouse complex (five buildings, 1 million sq ft) for $108M, underscoring continued investor appetite for large industrial assets tied to major tenants. Aviation Safety: The U.S. Coast Guard has halted its search for a medical transport jet missing after departing Bermuda for Boston; debris linked to the aircraft was found off Nantucket, with six people onboard. Local Policy & Competition: Bermuda’s proposed competition framework is moving ahead after consultation, with Deloitte set to assess cost-of-living and business impacts and feed into modern competition legislation. Energy Access: Government is funding a $50,000 balcony solar pilot using compact units for renters and apartment-style homes, with site assessments underway. Housing Delivery: The House approved the Bermuda Affordable Housing Strategy 2025-35, targeting 950–1,350 new homes by 2035. Workforce & Education: Bermuda College opened a new Department of Workforce Development HQ, aiming to connect classroom training to workplace needs. Construction Milestone: Luscar Place hit topping-out, with over half of its retail and office space already leased ahead of projected completion next July.

Film & Culture: Bermuda is set to host its first Bermuda Black Film Weekend (Oct 15–18), bringing 20+ films from 15 countries and connecting local storytellers with international industry leaders across the diaspora. Energy & Housing: Government has launched a $50,000 balcony solar pilot for renters and apartment-style homes, with 13 applications for 12 spots and site assessments now under way. Public Policy & Competition: Bermuda is moving toward modern competition legislation, with a consultation completed and Deloitte tasked to review feedback and sector impacts before Cabinet considers next steps. Affordable Housing: The House of Assembly approved the Bermuda Affordable Housing Strategy 2025–35 after a four-hour debate, targeting 950–1,350 new homes by 2035. Digital Government: Officials are exploring a digital identity framework, issuing a Request for Supplier Qualifications to study benefits, privacy, governance, and trust—without committing to implementation. Construction & Commercial Real Estate: Luscar Place hit a major milestone with the topping-out of the seven-storey development, already over 50% leased. Aviation Safety: A medical aircraft carrying six people went missing on the Bermuda-to-Boston route; the U.S. Coast Guard confirmed a debris field off Nantucket and search efforts continue. Workforce Development: A new Department of Workforce Development HQ opened at Bermuda College, aiming to connect training with workplace pathways. Insurance & Risk: Everest Group completed the sale of its Canadian retail insurance operations to Wawanesa, forming WSI to continue specialty lines.

Aviation & Safety: The U.S. Coast Guard confirmed it found a debris field tied to a missing medical transport aircraft off Nantucket, after the FAA lost contact with a Gulfstream jet flying from Bermuda to Boston with six people aboard, including two Bermudian nationals; searches continue with Canadian and Bermuda officials coordinating. Competition & Consumer Policy: Bermuda is moving toward modern competition legislation after a consultation, with a proposed framework to curb anti-competitive agreements and abuse of dominance, plus merger approvals in essential sectors; Deloitte has been tasked to assess impacts and refine the plan. Housing & Construction: The House of Assembly approved the Bermuda Affordable Housing Strategy 2025-35, targeting 950 to 1,350 new homes by 2035, while Luscar Place hit a major milestone with topping-out as more than half its retail and office space is already leased. Digital Government: Government is exploring a digital identity framework via an RFSQ, aiming to streamline how residents and businesses verify identity while balancing privacy, governance, and trust. Marine & Logistics: The Department of Marine & Ports Services published the weekly shipping schedule, listing upcoming cruise and container arrivals. Workforce & Education: Bermuda College opened a new workforce development HQ to connect classroom training to industry, and a new engineering pathway lets students start electrical engineering locally before transferring to Dalhousie. Energy & Renewables: A Balcony Solar Pilot Programme will test compact solar units for renters and apartment-style residents, with site assessments underway. Insurance & Finance: Everest Group completed the sale of its Canadian retail insurance operations to Wawanesa, and Bermuda’s BMA marked Community Day with 230 staff volunteering across local charities.

Competition & Consumer Protection: Bermuda’s Government is moving toward modern competition legislation, with a consultation update and a proposed framework to curb anti-competitive agreements and dominant-market abuse, while MPs also heard about a new Consumer Affairs Board chair, Aaron Crichlow, tasked with tackling misleading and exploitative trading practices. Housing & Energy: The House approved the Bermuda Affordable Housing Strategy 2025-35 after a four-hour debate, targeting 950–1,350 new homes by 2035, and a Balcony Solar Pilot Programme is set to expand renewable access for renters and apartment-style residents. Digital Government: Officials are exploring a Bermuda digital identity framework, with an RFSQ due Monday to map benefits, privacy, governance and legal considerations. Construction & Infrastructure: Luscar Place hit a major milestone with topping-out after installation of the final structural steel element, as the West Hamilton development pushes further into delivery. Marine & Logistics: Marine & Ports Services published the weekly shipping schedule for arrivals starting Oct 3. Finance & Insurance: Bermuda’s Premier flagged a projected $169.6m surplus for 2025/26, and Everest Group completed its sale of Canadian retail operations to Wawanesa, while FWD Life was fined in Hong Kong for AML control gaps. Workforce & Education: Bermuda College opened a new engineering pathway with Dalhousie, and the Department of Workforce Development launched a new HQ to better connect classroom training to workplace needs.

Affordable Housing: The House of Assembly approved Bermuda’s Affordable Housing Strategy 2025-35 after a four-hour debate, targeting 950–1,350 new homes by 2035 and citing early site progress plus alternative building methods like precast. Digital Identity: Government is exploring a digital identity framework “for meaningful benefits” (not yet implementation), with a Request for Supplier Qualifications due Monday and a focus on privacy, governance, trust, and consultation. Competition Act Prep: Deloitte has been appointed to assess how Bermuda’s Competition Act could cut the cost of living and improve business conditions, with an independent report expected by end of October. Energy for Renters: The Balcony Solar Pilot Programme will test compact solar units for homes without rooftop options, with site assessments underway and landlord permissions required. Construction Milestone: Luscar Place hit topping-out after installing the final structural steel element; the project is already over 50% leased. Workforce & Education: Bermuda College opened a new Department of Workforce Development HQ, and a new electrical engineering pathway lets students start locally before transferring to Dalhousie for year two. Insurance & Finance: Everest completed sale of its Canadian retail operations to Wawanesa; HSBC launched HSBCnio for corporate banking; and BMA Community Day saw 230 staff volunteer with local charities.

Public Finance Update: Premier David Burt told the House Bermuda has shifted from “record” deficits to an economy that’s growing, with a preliminary 2025-26 budget surplus of $169.6m and revenue projected at $1.57b. Digital Identity Watch: Government is starting an exploratory process on a Bermuda digital identity framework, with an RFSQ to map legal and governance considerations—no decision to implement yet. Education & Skills Pipeline: Bermuda College and Dalhousie launched an electrical engineering pathway so students can complete year one locally and transfer into year two in Halifax. Workforce Development: The Department of Workforce Development opened new HQ at Bermuda College, aiming to connect classroom training to workplace needs. Insurance & Risk Capital: Everest Group completed the sale of its Canadian retail operations to Wawanesa, forming WSI to continue specialty lines. Policy & Consumer Protection: Education authority legislation is set to be tabled, alongside affordable housing strategy approval and updates to health professions complaints rules; Aaron Crichlow was appointed Consumer Affairs Board chair. Tech in Finance: HSBC launched HSBCnio, an AI-enabled digital banking layer for corporate and institutional clients. Industry Moves: Ascot announced three executive leadership appointments. Life & Reinsurance Market: Zurich completed its Beazley acquisition and named a new Beazley CEO, while MS Re discussed underwriting discipline amid softer US property pricing. Community & Food Security: Bermuda Is Love is rolling out a “Don’t Go Hungry” push for universal school breakfast programs.

Workforce & Education: Bermuda College cut the ribbon on the new Department of Workforce Development HQ in Paget, pitching it as a “classroom to workplace” bridge to make career pathways clearer and keep developing Bermudian talent. Consumer Protection: Aaron Crichlow has been appointed chair of the Consumer Affairs Board, tasked under the 1999 Consumer Protection Act with tackling misleading or exploitative trading practices. Insurance & Risk: Mosaic says it’s expanding political violence coverage into Europe via its Cologne base, offering up to €100m syndicated capacity for property and liability risks. Banking Modernisation: The Bermuda Monetary Authority is weighing new banking models to modernise and diversify the sector, including options aimed at supporting Bermuda’s digital asset economy. Energy & Grid: Bermuda’s virtual power plant discussion continues, with public calls for clearer information as the trial faces scrutiny. Marine Science: New deep-ocean data tied to Bermuda’s observatory shows hurricanes can push sand, nutrients and pollution far offshore, with implications for carbon trapping. Training & Logistics: Stevedoring Services reports eight dock workers completing a Caribbean port-worker training programme in Bermuda. Tech Finance: AsiaStrategy and Plume sign a non-binding MoU to explore a tokenised financial products joint venture across Asia.

Consumer Protection: Aaron Crichlow has been appointed chairman of Bermuda’s Consumer Affairs Board, effective Sept. 11, bringing legal credentials and community leadership to the watchdog’s mission to curb misleading or exploitative trading. Insurance & Risk: Mosaic Insurance says it has expanded political violence coverage into Europe via its Cologne, Germany base, offering up to €100m in syndicated capacity for property and liability risks tied to terror, sabotage, riots and war perils. Government & Business Costs: Economy and Labour Minister Jason Hayward told the Bermuda Life and Annuity Conference the Government is reconsidering import duties and looking at alternatives to lower costs for small service businesses, alongside moves to ease payroll tax and address the housing squeeze. Reinsurance/Capital Services: Marsh launched “Archer by Marsh,” aimed at helping asset managers and life and annuity insurers set up and run reinsurance vehicles using shared infrastructure and Bermuda-based leadership. Workforce & Ports: Stevedoring Services says eight employees completed a two-week port-worker training programme in Bermuda with the Port Management Association of the Caribbean and Caribbean Maritime University. Education Pathways: Bermuda College and Dalhousie University signed an engineering articulation agreement letting students complete year one locally before transferring into year two in Halifax. Tech & Legal: Bermudian barrister Zakkiyah Daniels is using AI to fight AI with BotOut, designed to flag risky words in student work to reduce false AI-detection claims. Energy & Safety: Bermuda Fire & Rescue is teaming up with the NFPA for Fire Safety Awareness Week (Oct. 5–9), focused on safe charging habits for lithium-ion devices.

Insurance & Risk: Bermuda-based MGA Banyan Risk is launching Red Fox Risk, a new underwriting venture targeting wildfire-exposed commercial properties and high-value homes in California and the wider Western US, with up to $10m in non-admitted primary limits backed by Lloyd’s capacity and reinsurance partners. Port & Logistics Skills: Stevedoring Services Limited (SSL) says eight employees completed a two-week port-worker training programme in Bermuda with the Port Management Association of the Caribbean and Caribbean Maritime University, qualifying them to work across Caribbean docks. Industrial Real Estate: Rockpoint and Rockpoint Industrial have bought the Richmond Trade Center industrial campus in Chesterfield County for $108m, a deal tied to Bermuda Hundred Road and leased for tobacco storage. Energy & Grid Modernisation: Bermuda’s debate over a proposed virtual power plant continues, with public calls for clearer information as the island weighs technical trials against regulatory and utility scrutiny. Re/Insurance Leadership Moves: Ascot Group reshuffled top roles effective Oct. 1, promoting Mark “Sarge” Pepper and Elizabeth Johnson, while also naming a new consumer solutions president. Public Safety: Bermuda Fire & Rescue Service is partnering with the NFPA for Fire Safety Awareness Week (Oct 5–9), focusing on safe charging habits for lithium-ion devices. Health Costs: The Bermuda Trade Union Congress is urging Government to fully cover health insurance premiums from April 1, 2027, and proposes a rebate pilot for other insurers.

Bermuda Energy & Grid: A virtual power plant proposal (“Mesh”) is back in the spotlight as residents and stakeholders press for clearer details and smoother public engagement around how the trial would work and who benefits. Insurance & Regulation: US regulators are mulling tougher capital rules for offshore life reinsurance, with NAIC chief Scott White warning that some deals can leave insurers short of US-style capital. Industry Leadership: Ascot Group reshuffled its executive structure—Mark “Sarge” Pepper promoted to president, global underwriting; Elizabeth Johnson to president, specialty insurance and reinsurance; and Chris Flatt set to lead a new consumer solutions unit. Reinsurance Expansion: Marsh launched “Archer by Marsh,” aiming to help asset managers and life/annuity insurers set up and run reinsurance vehicles with shared infrastructure and Bermuda-based leadership. Public Sector Finance: The Auditor-General says government receivables total nearly $500m, with the Tax Commissioner owed the lion’s share. Community & Safety: Bermuda Fire & Rescue teams up with NFPA for Fire Safety Awareness Week (Oct 5–9), focusing on safe charging habits for lithium-ion devices. Culture & Heritage: Sessions House restoration is underway, with early work to assess the building and plan repairs before a multi-year restoration. Sports & Environment: Bermuda’s Piton Boyz bounced back in CONCACAF Nations League play, while Andrew Stevenson’s humpback documentary won top honours at a global film festival.

Insurance & Regulation: Bermuda’s long-term insurance sector is under the microscope and the spotlight, with the Auditor-General flagging $481.56m in uncollected government receivables (led by the Tax Commissioner) and NAIC chief Scott White warning US regulators are considering tougher capital rules for some offshore life reinsurance deals. Labour & Cost of Living: The Bermuda Trade Union Congress is pushing for Government to fully cover health insurance premiums from April 1, 2027, funded via corporate income tax, plus a rebate pilot for other insurers. Healthcare & Infrastructure: Bermuda Healthcare Services is moving toward commissioning a new Siemens AI-enhanced MRI, while the AG says a Westgate Correctional Facility water disruption is now “under control.” Corporate Moves: Ascot Group announced executive promotions and a reshuffle across underwriting and specialty insurance, with Mark “Sarge” Pepper and Elizabeth Johnson taking expanded roles. Industry & Business: Sun Life launched Sun Life Bermuda Limited to expand into participating life products. Construction & Planning: Planning activity includes a UK Space Agency telescope installation at Cooper’s Island, and Bermuda’s restoration work at Sessions House is underway.

Youth Services & Accountability: Opposition MP Robin Tucker pressed Government to explain why it was “unaware” of a US Senate Finance inquiry into troubled teen facilities used for vulnerable Bermudian children, arguing Bermuda keeps spending millions sending youngsters abroad without building local therapeutic capacity. Public Finance Oversight: Auditor-General Heather Thomas flagged $481.56m in uncollected government receivables as of March 31, 2025, urging departments to move from reporting to recovery. Corrections & Infrastructure: Attorney-General Kim Wilkerson told the Senate Westgate’s water shortage is “under control” after repairs restored supply, with interim sanitation and security measures during the disruption. Healthcare Investment: Bermuda Healthcare Services is running final checks on a new Siemens AI-enhanced MRI, expected to be in full use within days. Insurance Regulation & Capital: At the Bermuda International Life & Annuity Conference, NAIC president Scott White said US regulators are “mulling tougher capital rules” for offshore life reinsurance and tightening scrutiny of private credit. Superyachts & Tourism: Bermuda is using its third Monaco Yacht Show year to convert interest into longer stays and more charter activity, with 80+ yachts visiting and about 30% carrying guests. Planning & Tech: A UK Space Agency application seeks permission for three telescope systems at Bermuda Airport Authority property in Cooper’s Island. Maritime Policy: Yacht captains urged Prime Minister Gaston Browne to withdraw a resolution supporting commercial whaling. Corporate Moves: The Fidelis Partnership filed for a US IPO, while Helios Investment Partners announced regulatory-approved sale of Africa Specialty Risks to Vitruvian.

Correctional System Reform: Attorney-General Kim Wilkerson told the Senate that 27 of 75 Detention Standards Review Panel recommendations are implemented, with 29 more in planning, while citing steady “un-glamorous” work to make Westgate safe and humane. Prison Operations Update: She also said a Westgate water disruption is now “under control” after urgent plumbing repairs shut off supply at intervals; interim sanitation and security measures were used while repairs were completed Sunday. Insurance & Capital Markets: Bermudian-domiciled The Fidelis Partnership filed for a New York Stock Exchange IPO, with the Hamilton-based MGAs underwriter reporting strong recent earnings and premium growth. Reinsurance Dealmaking: Helios Investment Partners received regulatory approval to sell Africa Specialty Risks to Vitruvian Partners, highlighting Bermuda-linked reinsurance capacity. Shipping & Fleet Modernisation: TEN, Ltd. reported sale of its oldest Panamax tanker and progress on a newbuild programme with five technology Panamaxes ordered. Retail Demand Signals: Bermuda’s retail sales volume fell 3.2% in April, with building materials down 17.5% year-on-year. Housing Procurement Scrutiny: Opposition raised concerns over affordable housing procurement after no-bid contract awards, pressing for transparency and best value. Education & Workforce Pipeline: Athene awarded full scholarships to five Bermuda College students for 2026-27, backing business administration studies. Infrastructure & Logistics Planning: Plans were submitted for a Marginal Wharf warehouse/retail/office development aimed at boosting distribution resilience. Local Sports: Bermuda Karting Association opened its 2026–27 season with 37 karts.