BMA creates new supervisory post

The Bermuda Monetary Authority has established a new executive post to lead all its supervisory functions.

Jeremy Cox, CEO of the BMA, said: “The position of managing director, supervision reflects the next phase of strategic evolution for the Authority. Our role as Bermuda’s financial regulator has expanded to the point where dedicated focus across all areas of supervision is both a logical and prudent decision. 

“We also anticipate that the risk analytics tools our supervisors are currently using for insurance can be extended and adapted across other areas. Therefore, establishing this position will move the Authority further towards setting a common vision for financial sector supervision across all sectors of the Bermuda market.”

Mr. Cox said Craig Swan, formerly director, Insurance Supervision, has been appointed to the new position with immediate effect. Mr. Swan will report directly to the CEO. 

The two management positions with responsibility for conducting ongoing supervision of regulated financial businesses: director, Banking, Trust, Corporate Services and Investment; and director, Insurance Supervision — will report to Mr Swan.