The Bermuda Monetary Authority (BMA) has announced that its Deputy Chairman, Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board, effective October 1st, 2021.
The appointment of Scott is concurrent with the departure of Jeremy Cox, Executive Chairman and Chief Executive Officer (CEO) at the BMA, on September 30th, 2021.
Cox has served as Executive Chairman since 2019 and as CEO since 2010. From October 1st, he will be replaced as CEO by Craig Swan, who has served as the BMA’s Deputy CEO for the past 21 months.
Commenting on Cox’s tenure, Scott said: “Over the past decade, Mr. 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.
“In recognition of these accomplishments and his many years of service to the Bermuda financial services industry, Mr. Cox was awarded the 2019 Fred Reiss Lifetime Achievement Award. In 2020, Mr. Cox was awarded the Commander of the Order of the British Empire (CBE) in the Queen’s Birthday honours.”
Cox said: “It has been an absolute pleasure working for the Authority alongside our highly talented Staff for the past few decades. Indeed, 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.”
The BMA’s new CEO, Swan, joined the authority in 2006 and held various Insurance, Policy and Risk positions, most recently at the Managing Director level.
“Mr. 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,” added Scott.