Restructuring and New Appointments Announced for the Bermuda Monetary Authority and Policy Teams

Hamilton, May 1, 2012 AEST (ABN Newswire) - The Bermuda Monetary Authority (the Authority) has announced structural changes for its policy and insurance supervision areas, and a new appointment for its international relations functions.

Jeremy Cox, CEO of the Authority, said, "These changes and reassignments are designed to ensure the Authority's teams are aligned appropriately, and to balance the use of our resources, so that we can continue serving the community and working with the market effectively. They also establish a dedicated senior role for our international relations activities, to support Bermuda's interests globally."

The details of the changes are as follows:

Mary Frances Monroe - Director, Policy, Research and Risk department

Mary Frances and her team will continue to be responsible for the Authority's policy development and research functions, and its policy-related contributions to key decision-making bodies such as the International Association of Insurance Supervisors. However, the team has been expanded to also include a unit conducting new dedicated macroprudential surveillance of the market, in addition to existing functions for modelling, banking analytics, stress testing and financial sector analysis.

Craig Swan - Director, Insurance Supervision department

Craig will lead the Insurance Supervision department. This team will supervise Bermuda's commercial insurers (Class 4, 3B, 3A) and insurance groups. The department combines key functions for supervising these firms into one area, including insurance analytics and technical support, actuarial services, restoration and run-off monitoring functions and conducting the Authority's on-site assessments of commercial insurance companies.

Shanna Lespere - Director of International Affairs

This appointment will provide a dedicated function for the Authority's advocacy and international relations work, which by necessity is growing in scope. This role reports directly to the CEO and will involve strategic promotion of Bermuda's framework for insurance regulation; identifying international regulatory trends and opportunities for action as appropriate; and participating in global activities in order to influence regulatory change and maintain strong relationships with key stakeholders.

Shelby Weldon - Director, Licensing and Authorisations department

Shelby and his team will continue supervising Bermuda's captive insurers, and maintaining close interaction with, and oversight of, the insurance managers supporting the industry. The team also conducts the vetting and licensing process for all financial entities conducting business in or from Bermuda, including companies in the banking, investment, insurance and trust sectors.

Contact

Pat Phillip-Bassett Deputy Director Corporate Governance and Communications Direct line: (441) 278-0263 Email: pbassett@bma.bm