BMA appoints deputy CEO as it prepares for life after Cox

The Bermuda Monetary Authority has appointed Craig Swan as deputy chief executive officer.

The deputy CEO position was created to fulfil the BMA’s strategic objective of succession planning as it prepares for executive chairman Jeremy Cox’s departure in 2021. Swan will become CEO when Cox leaves office.

The deputy CEO position encompasses several responsibilities, including overseeing the BMA’s supervisory activities of banks, insurance, trust companies, digital assets and investment businesses. Swan also assists in the regulator’s ongoing planning and development and participates in external initiatives and meetings with government and industry stakeholders.

Swan joined the BMA in 2006 and has held various positions in insurance, policy and risk, more recently at the managing director level. He has also represented the BMA on various international regulatory standard-setting committees, and led its insurance regulatory dialogue.

Before joining the BMA Swan worked as controller and vice president, strategic information services for Arthur J. Gallagher Bermuda. He is a certified general accountant and a fellow of the Institute of Chartered Secretaries and Administrators.

Donald Scott, deputy chairman of the board of directors and chairman of the board’s human capital committee, said the BMA had considered a strong group of candidates for the role, including people from Bermuda, the US, Canada, the UK, Europe and Australia. It was diverse in terms of gender and ethnicity, and included senior regulators and leading executives in financial services, insurance and banking, he added.

Cox said Swan’s varied responsibilities have afforded him an invaluable insight into the BMA and the broader financial services industry. “Swan’s promotion is proof we are an organisation that can successfully nurture and maximise the talent and skills we have,” he added.