The Bermuda Monetary Authority announced today that it has established a team of Senior Advisors that will provide international strategic input and technical assistance to the organisation as it prepares its insurance framework for Solvency II equivalence assessments. The team of Senior Advisors will support the Authority’s growing organisational infrastructure, and the technical teams that will implement the expanded supervisory regimes resulting from its regulatory change programme.
Jeremy Cox, CEO at the Authority said, “As a leading risk-based regulator, our goal at the Authority is to ensure that we are operating at the highest level. Building on our resources has been a strategic priority for some time as we set our sights on developing a leading insurance regulatory framework for the Bermuda market. The Senior Advisors joining the Authority are individuals with extensive industry and regulatory experience, both here in Bermuda and in major markets overseas, who will complement the existing expertise within the organisation and assist us in raising our game as supervisors. We will be building this team of highly specialised strategic and technical advisors with additional appointments over the next two months.”
Mr. Mark Bridges, a 26-year veteran of the Bermuda insurance market, is the first Senior Advisor to join the Authority. Mr. Bridges experience includes 10 years as a partner and head of reinsurance at KPMG, and both CFO and CEO-level positions within the industry.
Commenting on his new appointment, Mr. Bridges said, “As the island’s financial services regulator, the Authority has an important role in maintaining Bermuda’s reputation as a first-class domicile. I am delighted to be joining the Authority in this new capacity, particularly at this time when the organisation is set to meet the critical objective of obtaining equivalency with Solvency II. I look forward to working with Jeremy and his team as we prepare Bermuda for this important assessment.”
The Senior Advisors, who will report to the CEO, will primarily support the Authority’s resourcing effort for Solvency II equivalency. However, they will also be involved in broader supervisory strategy and development and act as technical advisors to the Authority’s various supervisory units including, in addition to the Insurance team, the Banking, Trust and Investment, and Policy, Research and Risk Assessment departments.