BMA creates supervisory role, appoints Swan

The Bermuda Monetary Authority has created the position of managing director, supervision—to be filled by Craig Swan, who worked formerly as the director, insurance supervision— to lead all of the Authority’s supervisory functions, effective immediately. Swan will take on strategic responsibility for all current supervisory activities, including banks and insurance companies, along with the Authority’s actuarial and risk analytics functions. In addition, Bermuda’s anti-money laundering regime will be under Swan’s remit.

Jeremy Cox, CEO of the BMA, commented: “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. Establishing this position will move the Authority further towards setting a common vision for financial sector supervision cross all sectors of the Bermuda market. We are very pleased that an existing member of our leadership team will take on the challenge of this new role.”