Bermuda’s Ministry of Finance has named a new chairman of the board at the Bermuda Monetary Authority (BMA).
Donald Scott, who is the BMA’s deputy chairman, will serve as chairman of the board from October 1, 2021, coinciding with the departure of Jeremy Cox, who steps down from his role as executive chairman on September 30.
Cox has served as the BMA’s executive chairman since 2019, and as its CEO since 2010.
Meanwhile, from October 1 Craig Swan, who has served as the BMA’s deputy chief executive officer for the past 21 months, will become chief executive officer (CEO). Swan joined the Authority in 2006 and held various insurance, policy and risk positions, more recently at the managing director level. He also has extensive experience representing the BMA on various international regulatory standard-setting committees and leading the Authority’s insurance regulatory dialogue.
Scott said: “Over the past decade, Cox has led the BMA to many notable achievements including full equivalence with Europe’s Solvency II insurance regulatory regime, the National Association of Insurance Commissioners (NAIC) reciprocal and qualifying jurisdiction status and the continued widening of the BMA’s remit into digital assets.”
Cox said: “I am grateful to the BMA Staff who, through their dedicated efforts and commitment through the years, have been instrumental in positioning Bermuda as a leading international financial centre. I feel confident that, under Donald Scott’s leadership of the board as its new chairman, and Craig Swan’s leadership as CEO, the BMA will continue to rise in driving forward the attainment of its strategic objectives for the benefit of Bermuda.”
Scott added: “Swan is a proven leader with excellent regulatory experience, superior executive management skills, clarity and relevance of vision in relation to domestic and global challenges facing the BMA and Bermuda, combined with highly developed relationship management sensitivities including credibility with international bodies.”
Bermuda Monetary Authority, BMA, Donald Scott, Jeremy Cox, Craig Swan