The promotion of Mike Penrose to associate partner has further boosted EY Bermuda’s growing strategy and transactions team in the region, the firm said in a statement.

It said the appointment reflects EY’s continuing investment and the strong business performance of the SaT team, which helps clients in the EY region of Bermuda, the Bahamas, the British Virgin Islands and the Cayman Islands to navigate complexity and reinvent themselves for a better future.

Mr Penrose is a British-qualified insolvency practitioner who joined EY Bermuda as a director in 2021. He has more than 17 years of experience in insolvency, restructuring and fraud services and serves on the executive committee of the Bermuda chapter of the Recovery and Insolvency Specialists Association, the not-for-profit membership organisation in the Cayman Islands.

EY said: “During his ten years in Bermuda, Mike has worked on some of the largest and most complex insolvency processes in the jurisdiction.

“He has led insolvency appointments, advisory matters and financial restructurings in Bermuda across a broad range of sectors including insurance, technology, oil and gas, investment funds and hospitality, as well as working on cross-border fraud cases.”

Keiran Hutchison, regional EY partner and strategy and transactions leader, said: “Mike exemplifies the industry-leading talent in EY’s expanding strategy and transactions team that enables us to help clients manage complex challenges and transform their organisations.

“His appointment to the EY partnership strengthens the practice and our ability to provide innovative solutions at a time when demand for restructuring services is increasing.

“Our deep bench across the EY region of the Bahamas, Bermuda, the British Virgin Islands and the Cayman Islands differentiates EY’s SaT team and allows us to allocate resources where and when they are needed to help clients.”

Bill Bailey, EY Bermuda country managing partner and regional tax leader, said: “EY strives to provide a fulfilling work environment in which highly skilled professionals like Mike can advance in their careers, bolstering the human capital base that is EY’s strength.

“With capabilities including debt restructuring, insolvency and transaction services, due diligence and valuations, our team is able to offer cross-jurisdictional support to our broad-based clients, while leveraging the EY global network.

“Mike is based in Bermuda, where he works closely with local contacts. Yet he is also a regional resource, who brings a deep understanding of different markets and allows EY the flexibility to respond to changing client needs.”