Craig Swan is set to be the new chief executive officer of the Bermuda Monetary Authority next year.

In a stepping stone move, he has been appointed deputy CEO. The position was created as part of the BMA’s preparation for the previously announced departure of its executive chairman Jeremy Cox in 2021.

Donald Scott, deputy chairman of the board of directors and chairman of the human capital committee that directed the search process with the assistance of PricewaterhouseCoopers Ltd, said: “The candidate group from which Mr Swan emerged as the preferred candidate was of very high calibre. The group of candidates included persons from Bermuda, USA, Canada, UK, Europe and Australia. It was diverse in terms of gender, and ethnicity, and included senior regulators and leading executives in financial services, insurance and banking.

“The board was seeking a proven leader with excellent regulatory experience, superior executive management skills, clarity and relevance of vision in relation to domestic and global challenges facing BMA and Bermuda, and relationship management sensitivities including credibility with international bodies.

“Mr Swan met these criteria. As the role of deputy CEO is positioned as the successor to Mr Cox in his capacity as CEO, Mr Swan will move to the CEO role at the time Mr Cox leaves office in 2021.”

Mr Swan will be tasked with overseeing the Authority’s supervisory activities of banks, insurance, trust companies, digital assets and investment businesses.

He will assist in the BMA’s ongoing planning and development, alongside sharing in the executive management and participating in key external initiatives or meetings with government and industry stakeholders, both domestically and internationally.

Mr Swan joined the BMA in 2006, and has held various positions in insurance, policy and risk, more recently at the managing director level.

He has represented the authority on various international regulatory standard-setting committees, and leading the authority’s insurance regulatory dialogue.

Commenting on the news, Mr Cox said: “The BMA is pleased for Craig Swan to step into the deputy CEO position. Craig has been a dedicated member of the Authority’s executive team for the last 12 years.

“His varied responsibilities have afforded him an invaluable insight into our organisation, as well as a thorough understanding of the financial industry sectors that we oversee.

“Mr Swan’s promotion is proof we are an organisation that can successfully nurture and maximise the talent and skills we have within the authority.”