BMA hosts meeting exploring geopolitical and cyber risks, with the aim of bolstering Bermuda’s resilience
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Government press release:
The Financial Policy Council (FPC) held its twenty ninth meeting on 24 July 2025. All FPC Members participated in the meeting in person at the Bermuda Monetary Authority.
The meeting hosted the First Roundtable with the Bermuda-based international commercial property and casualty insurance sector, which benefitted from the participation of senior members of Bermuda International Association of Bermuda Insurers and Reinsurers (ABIR), the formal association representing the sector in Bermuda.
The purpose of the Roundtables is to address specific sectoral risks and opportunities facing Bermuda in a complex and fast-moving international context, and to foster mutual understanding on issues of concern to both insurers and government.
At the Roundtable, participants discussed a wide range of matters, including the role played by Bermuda-based insurers in addressing the protection gap in both developed and emerging economies, developments in critical lines of business like cyber risk and political risk cover and the expected impact of new technologies.
The Roundtable also discussed how the uncertainties emerging from the current geopolitical environment affect the sector. ABIR and FPC members agreed on the value of maintaining open and fluid dialogue and looked forward to holding more Roundtables in the future.
FPC members discussed the island-wide impact of the current geopolitical environment, examining potential financial stability risks faced by Bermuda, and focusing on strengthening the overall island’s resilience.
FPC Members also discussed recent regulatory and supervisory developments in Bermuda’s international (re)insurance sector. FPC members assessed the impact of recent enhancements to Bermuda’s framework for life reinsurers, including the current sector-wide stress test exercise being carried out by BMA. Members examined the role played by Bermuda-based long-term insurers in addressing the protection gap brought about by demographic and socio-economic developments, as well as the risks faced by the sector in the current uncertain economic and geopolitical environment.
FPC Members also addressed Bermuda’s plans for crisis management, recovery and resolution in the banking and insurance sectors. Particular attention was paid to strengthening collaboration and coordination among key stakeholders in this regard i.e. Ministry of Finance, BMA and Bermuda Deposit Insurance Corporation (BDIC). FPC Members’ advice included ensuring effective preparedness in order to move quickly to contain a crisis.
FPC Members reviewed key risks to Bermuda’s financial stability. They discussed a wide range of issues, including recent developments in the area of international tax.
The next formal meeting of the FPC, its 30th, is scheduled to take place on Thursday 4th December 2025.
About the FPC:
The FPC is an advisory body supported by the Ministry of Finance and the BMA. FPC’s role is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. FPC also advises the Government on the development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country. FPC was established under a Memorandum of Understanding (MoU) between the Ministry of Finance and the BMA, signed by the Minister of Finance and the CEO of the BMA in August 2015. The MoU was revised in 2017 and in 2024. Since its first meeting in December 2015, the FPC has been meeting three to five times per year.
Under the MoU, the Ministry of Finance and the BMA are responsible for appointing FPC members. Current members of FPC are: ex officio the Minister of Finance Hon. David Burt (Chair), Craig Swan [CEO of BMA] and Chidozie Ofoego [Financial Secretary]. External members are Jill May (Deputy Chair), Dame Amelia Fawcett, Stephen Catlin, Gil Tucker, and DeLisle Worrell.
Deputy Chair Jill May is a former member of the Prudential Regulation Committee of the Bank of England, and a former non-executive director (NED) of the UK Competition and Markets Authority (CMA). She is a Council member of the Duchy of Lancaster, responsible for historic estates of the King of England. Jill has also served as NED on Boards including Alpha FMC, Ruffer Investment Company and Sirius Real Estate. Jill was honoured with the British Empire Medal in 2019 for her services to Cancer Research UK.
Dame Amelia Fawcett has over 30 years of experience in the banking industry and has been Chair of Kinnevik AB since 2018, Chair of the Standards Board for Alternative Investments since 2011 and is the Lead Independent Director for State Street Corporation. Stephen Catlin has an extensive career in the global insurance industry spanning for over 50 years. He is currently Executive Chair of Convex and held executive positions in XL and Catlin among others. Stephen served as Chairman of the Lloyd’s Market Association and as Visiting Fellow at the Oxford University Centre for Corporate Reputation. Gil Tucker is a chartered accountant who worked at accounting firm Ernst & Young for 35 years, latterly as Bermuda Managing Partner and is currently on the Board of HSBC Bermuda. Dr DeLisle Worrell is a former Governor of the Central Bank of Barbados, and now a member of the Bretton Woods Committee. Dr Worrell also worked with the International Monetary Fund, focusing on monetary policy, financial stability and stress testing
