Gerald Simons *Photo supplied
Gerald Simons *Photo supplied

Gerald Simons is the new chairman of the board of directors of the Bermuda Monetary Authority. Mr Simons replaces Alan Cossar who stepped down at the end of 2012.

Anthony Joaquin has been appointed the BMA’s deputy chairman of the board of directors. Mr Joaquin replaces Darren Johnston after serving one of the longest terms on the BMA board.

Mr Simons is a former CEO and chairman of Argus Insurance and retired last year.

Jeremy Cox, CEO of the Authority and executive member of the board, said in a press release:  “We wish to sincerely thank Alan and Darren for their invaluable input and expertise. Alan has been chairman during one of the most challenging periods in the BMA's history, and Darren has completed one of the longest periods of tenure on the BMA Board, a total of 17 years.

“I think I speak for all staff at the Authority in acknowledging their unwavering support and selfless service. They have both contributed significantly to the organisation.”

Both Mr. Simons and Mr. Joaquin will build on their previous years of service as board members in their new roles.

Mr Cox added: “As we transition to new Board leadership, we are delighted that Gerald and Tony have agreed to take on the chairmanship and deputy chairmanship respectively. We are very much looking forward to their continued valuable contributions, along with the directors who will also continue their terms of service and the two new board appointees.”

The two new appointees are veteran insurance professional Fiona Luck and entrepreneur Alan Marshall.

With these changes the BMA Board is composed of the following members: Gerald Simons Anthony Joaquin, Walter Bell, Fiona Luck, Alan Marshall, Lynda Milligan-Whyte, Barclay Simmons, Ronald Simmons, Tracey Tepper and Jeremy Cox.