BMA names Craig Swan CEO, as Jeremy Cox to depart

BMA names Craig Swan CEO, as Jeremy Cox to depart

The Bermuda Monetary Authority (BMA), the monetary regulator for one of the worlds most essential insurance and reinsurance markets, has actually revealed a modification at the top, as its current Deputy CEO Craig Swan will take over the CEO function from October 1st, with present CEO and Executive Chairman Jeremy Cox set to depart.The BMA also stated that Deputy Chairman Donald Scott has actually been designated by the Minister of Finance of Bermuda to serve as Chairman of the BMA Board from October 1 st as well, as Cox had held the Executive Chairman position.
Jeremy Cox has actually supervised at the BMA as CEO considering that 2010 and Executive Chairman considering that 2019.
During that time, Bermuda has experienced fast reinsurance industry growth, as well as the considerable expansion of its insurance-linked securities (ILS) market, ending up being the house to the bulk of catastrophe bond deals and a significant proportion of the worlds collateralised reinsurance activity.
A great deal of this success has been down to the technique of the regulator, with the BMA seen as a approachable but professional Authority that has motivated innovation and been open to alter, a fast technique to approvals, while not giving up on oversight and discipline.
Coxs management direction at the BMA over current years has had a significant hand in this success and he will be missed in the role.
In Craig Swan however, the BMA has a knowledgeable new leader that has had lots of direct exposure to the important markets of reinsurance and ILS and the BMA would be anticipated to follow a comparable course under his steering.
Swan signed up with the BMA in 2006 and has actually held a variety of positions covering Insurance, Policy and Risk, more just recently at the Managing Director level.
Swan also has comprehensive experience representing the BMA on a variety of global regulative standard-setting committees and leading the BMAs insurance coverage regulatory discussion.
Donald Scott, on behalf of the BMA Board of Directors, talked about the changes, “Over the past decade, Mr. Cox has actually led the BMA to many noteworthy achievements including full equivalence with Europes Solvency II insurance coverage regulative routine, the National Association of Insurance Commissioners (NAIC) mutual and qualifying jurisdiction status and the continued widening of the BMAs remit into digital properties. In acknowledgment of these accomplishments and his lots of years of service to the Bermuda monetary services industry, Mr. Cox was granted the 2019 Fred Reiss Lifetime Achievement Award. In 2020, Mr. Cox was awarded the Commander of the Order of the British Empire (CBE) in the Queens Birthday honours.”
Cox included, “It has actually been an outright enjoyment working for the Authority together with our extremely skilled Staff for the previous couple of years. Indeed, I am grateful to the BMA Staff who, through their dedicated efforts and commitment through the years, have actually contributed in placing Bermuda as a prominent international financial centre. I feel great that, under Donald Scotts management of the Board as its brand-new Chairman, and Craig Swans management as CEO, the BMA will continue to increase in driving forward the attainment of its strategic goals for the benefit of Bermuda.”
Scott further discussed the incoming BMA CEO, “Mr. Swan is a tested leader with outstanding regulatory experience, superior executive management abilities, clarity and importance of vision in relation to global and domestic challenges dealing with the BMA and Bermuda, combined with extremely developed relationship management sensitivities consisting of trustworthiness with worldwide bodies.”

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!