The Bermuda Monetary Authority has announced that the Authority’s Deputy chairman, Donald Scott, has been appointed by the Minister of Finance to serve as chairman of the Board with effect as of 1 October.

This will coincide with the departure of Jeremy Cox, executive chairman, on 30 September.

Also as of 1 October, Craig Swan, who has served as the Authority’s Deputy chief executive officer for the past 21 months, will assume the role of chief executive officer.

Mr Cox has served as the Authority’s Executive chairman since 2019, and as its CEO since 2010.

Reflecting on his tenure, Mr Scott, on behalf of the BMA Board of Directors, stated: “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.”

Mr Scott’s roll call of public service is extensive.

It has included periods as Chief Statistician, Census Superintendent, Financial Secretary, Permanent Secretary and rising to Secretary to The Cabinet and Head of the Civil Service.