AGP Executive Report

Markets & Business: ShaMaran Petroleum says its shares begin trading today on Euronext Growth Oslo, with an information document published for the listing. Insurance & Finance: AM Best affirmed North End Re Ltd.’s A- (Excellent) financial strength and “a-” issuer credit ratings, outlook stable, while Bermuda’s BSX trading saw Butterfield shares slip and the RG/BSX index fall. Weather & Safety: The Bermuda Weather Service reports record-breaking June rainfall over two days, causing flooding and prompting a small craft warning as gusts reached 38mph. Public Health: Bermuda’s Ministry of Health reiterates Ebola risk remains low, with no confirmed cases and monitoring in place for travellers. Local Governance & Community: Bermuda marks the death of Sir John Swan, with flags set to fly at half mast, and the Bermuda Archives hosts International Archives Day on June 9. Travel & Tourism: BermudAir expands its Caribbean network, adding new routes including Belize, Turks and Caicos, Anguilla and Guatemala City. Sports: Sienna Mosquera sits in striking distance after an opening 78 at the Connecticut Women’s Open, and Bermuda’s national team call-up news continues with Xahvi Deroza ahead of the Cape Verde friendly.

BermudAir Expansion: BermudAir is ramping up its winter network with new nonstop routes from the U.S., including direct service to Belize and Turks & Caicos, plus a Toronto-to-Turks & Caicos route that continues to Anguilla—tickets go on sale June 5 and flights run seasonally from December. Local Travel & Safety: The Bermuda Police Service is urging extra road caution after heavy rain, citing flooding and potholes. Environment & Heritage: The Bermuda National Trust unveiled a solar-panelled pergola at Waterville to generate renewable power while protecting the Grade 1 listed building’s historic look. Marine Protection Push: More than 60 groups backed an urgent open letter to support the Marine Spatial Plan and a Marine Development Act. Finance Watch: The Bermuda Monetary Authority is consulting on potential new banking models, with a separate proposal that could raise penalties for late bank filings up to $10m. Justice & Courts: Police arrested a third teenager linked to the Southampton Rangers firearms incident. Health & Community: Bermuda’s cancer care needs are growing, with more people now accessing radiation therapy locally.

Insurance & Regulation: Convex Group has launched a UK-based managing general agency, Kinetic Insurance Services, targeting specialty and niche lines, with trading set to begin in Q4 2026. Public Safety: National Security Minister Kim Wilkerson says public CCTV around Southampton Rangers was working during the May 24 shooting, while acknowledging intermittent camera failures and promising fixes. Crime Update: Police have arrested a third teenager linked to the Southampton Rangers firearms incident, following arrests of a 17-year-old and a 16-year-old. Local Education: Eight Bermuda College nursing students completed associate degrees at a pinning ceremony, becoming the first graduates from the programme after recent accreditation. Environment: PwC Bermuda is backing the Living Reefs Foundation with five years of support, including $60,000 for its Coral Garden initiative and help for a snorkel trail and research boat. Captives & Fintech: Bermuda’s captive sector is exploring stablecoin opportunities, with the BMA allowing captives to hold recognised stablecoins up to 25% of capital and surplus (with approval). Sports: Pembroke Panthers finished unbeaten in the Bermuda Smash Invitational league stage after a dominant win over Sandys Spartans.

Bermuda Captive Conference: Economy and Labour Minister Jason Hayward told delegates Bermuda’s edge comes from balancing innovation with internationally recognised regulation, with captives increasingly helping firms manage cyber, climate and geopolitical risks. Aviation Expansion: BermudAir is ramping up its winter network, adding direct service to Grand Cayman via Turks & Caicos and launching non-stop routes to Turks & Caicos, Belize and Anguilla from the US, with flights on sale Friday; the airline is also relocating its Orlando service from MCO to Orlando Sanford (SFB). Insurance & Finance Moves: Convex Group launched UK-based Kinetic Insurance Services, a technology-enabled MGA starting trading in Q4 2026, while Arch Capital expanded Maamoun Rajeh’s president role and Pinnacle Actuarial Resources acquired Ordinance Holdings and Grape Bay renewal rights. Local Updates: The Governor postponed the King’s Birthday reception due to bad weather; Port Royal Primary School will host a public fun day marking 90 years; and police are investigating serious injuries after a collision on Rosemont Avenue, Pembroke.

Caricom Membership: Bermuda has wrapped up its public consultation on becoming a full CARICOM member, with Home Affairs Minister Alexa Lightbourne saying the government will now review feedback and set an official position later this year. Healthcare Update: KEMH patient flow work is showing measurable gains, with admitted patients waiting a median of about five hours for a decision to admit and a further 20 hours boarding, as the Bermuda Hospitals Board targets six hours for ED boarding. Banking Deal Watch: At least seven firms are advising on CIBC’s $1.6 billion sale of its CIBC Caribbean stake to Butterfield, a landmark transaction aimed at expanding Butterfield’s regional footprint. Local Business & Finance: Hamilton Insurance Group launched its Private Clients business within Hamilton Global Specialty, appointing Jamie Keaney as Head of Private Clients. Infrastructure & Community: A One Bermuda Alliance MP criticised Southampton’s Church Road roadworks timing and says resident-requested safety and traffic improvements were not included. Sports: The Bermuda Smash Invitational match between Hamilton Parish Hurricanes and Smith’s Sixers was rained off, with both teams awarded five points. Tourism: Owen Darrell highlighted Bermuda’s tourism sector at Caribbean Week 2026 in New York.

Education Reform Pressure: The Bermuda Union of Teachers says education reform is stuck, demanding Minister Crystal Caesar publish a clear next-step plan, data and costs instead of more “gathering data.” Immigration Access: The Department of Immigration will now answer email queries within two business days, with dedicated addresses for work permits, BOTC passports and status/PRC applications. Community Support: Bermuda Is Love launched a Summer Scholarship Programme offering two $5,000 awards to Bermudian students, judged on community engagement, with applications due June 30. Public Safety & Courts: A Cambridge home closure order was extended three months over anti-social behaviour; in Bermuda, two men face trial set for September 16 over alleged assaulting police officers at Cambridge Beaches. Captive Insurance Spotlight: Thomas McMahon received the Fred Reiss Lifetime Achievement Award at the Bermuda Captive Conference, while industry leaders discussed how to attract more Bermudians into the sector. Regional Security: Bermuda hosted the Caribbean Customs Law Enforcement Council conference, focusing on smuggling and financial crime. Tech & Finance Moves: AXIS Capital appointed Austin Su as Head of Alternative Risk, North America, as Bermuda’s insurance and digital finance ecosystem keeps expanding. Sports & Local Pride: Emma Harvey set a new national record in the 50m butterfly in Europe, and Bermuda’s Gavin Manders won medals in Caribbean pickleball events.

Hurricane Season Watch: June 1 marks the start of the 2026 Atlantic and Central Pacific seasons, with the U.S. National Hurricane Center tracking two areas that could develop over the coming days, including a disturbance southwest of Baja with a high chance of forming. Local Health: Bermuda launched HIV Awareness Month with free, confidential testing available throughout June, as officials reported 306 people living with HIV (as of Dec 2025) and highlighted progress like eliminating mother-to-child transmission. Public Service Updates: Immigration has added dedicated email channels for work permits, BOTC Bermuda passports, Bermudian status and PRC applications, with replies expected within two business days. Safety & Transport: Church Road in Southampton will see rolling single-lane closures from June 2 to June 19, and a serious Smith’s collision involving a micro rental car and a motorcycle left the rider with life-threatening injuries. Culture & Community: The Department of Culture premiered “Voices of the Rock: Ruth’s Mosaic,” while Art Drop Bermuda announced a free July 10 showcase at the Hamilton Princess & Beach Club. Business & Finance: Eldorado Drilling agreed to buy Bermuda’s Vantage Drilling for about $258m, and Beazley named Stefan Wunderlich to relocate to Bermuda to lead alternative risk transfer. Sports: Emma Harvey set a national record in the 50m butterfly in Europe, and the Bermuda Captive Conference opens in Hamilton June 1–3 with 530+ delegates expected.

Catastrophe Risk & Insurance-Linked Securities: Mangrove Property Insurance Company has sponsored its first catastrophe bond, Buttonwood Re Ltd. 2026-1, securing $111m of fully collateralised reinsurance protection for Florida named-storm risk. Local Arts & Community: Bermuda National Gallery is calling for sports-themed mural proposals for the National Sports Centre, part of Run for the Arts, with submissions due June 15. Mental Health Policy: Health Minister Kim Wilson says Mental Health Anti-Stigma Month activities were among the most active to date, pointing to $2.29m earmarked for mental health support and counselling/therapy access. Bermuda Sports & Football: Shaun Goater has withdrawn from consideration to become Bermuda men’s national coach, while the BFA announced a US training camp with friendlies and a June 6 match vs Cape Verde. Public Safety: Police arrested a 16-year-old in connection with the May 24 Southampton Rangers Sports Club shooting, following a 17-year-old arrest. Seismic Research: Carnegie Science researchers are returning to Bermuda to service instruments and collect new seismic data to better understand the island’s deep geology. Bermuda Business & Finance: Trafigura won a $92m arbitration award tied to a Zambian copper mine dispute, and ShaMaran completed its corporate move from Canada to Bermuda for an Oslo listing.

Caribbean Week in New York: Tourism ministers and commissioners from across the region, including Bermuda, are set to gather in Manhattan for Caribbean Week in New York 2026, aiming to strengthen economic resilience and market share. Bermuda Cricket: Pembroke Panthers stayed on track in the Bermuda Smash Invitational, with Fabian Allen’s career-best five-for-two helping them beat Hamilton Parish Hurricanes, while Sandys Spartans got their first win as Delray Rawlins powered a rain-reduced chase. Sports Update: Panthers also need a replacement for injured overseas player Jamal Richards to keep the competition fair. Local Food & Environment: The Government launched the “Grow Local” farming initiative in the House, and UK Darwin Plus grants are now open for Bermuda biodiversity and climate resilience projects. Community & Culture: Titan Express announced “The Black Our Story” tour for National Heroes’ Day on June 7, and the OurOcean Art Competition opens for young artists ahead of World Ocean Week. Weather: Monday starts sunny, then turns cloudy, with a high near 23°C.

Bermuda Triangle Update: A Channel 5 documentary spotlights mineral prospector Nick Hutchings’ theory that Bermuda’s ancient underwater volcano left magnetite-rich rocks that can throw off compasses, offering a more “geology-and-traffic” explanation than folklore. Digital Finance & Policy: Government continues advancing Bermuda’s digital finance push, reinforcing its reputation as a trusted, well-regulated innovation hub. Honours & Awards: An Honours & Awards Ceremony at Government House recognised long service and service awards across the Bermuda Police Service and Bermuda Fire & Rescue Service. Tourism Spotlight: The Bermuda Tourism Authority launched “9 People, 9 Parishes,” rolling out local stories and videos that highlight each parish’s distinct character. Business Watch: ShaMaran Petroleum completed its continuance to Bermuda, with shares expected to trade under ticker “SNM” on Euronext Growth Oslo from June 5. Airport Update: The Bermuda Airport Authority’s 2023-24 annual report highlights new air connections, including BermudAir’s network expansion, and continued passenger recovery. Sports (Cricket): Pembroke Panthers and Hamilton Parish Hurricanes both won on opening day of the Bermuda Smash Invitational, with Gerhard Erasmus starring for Pembroke. Sports (Rugby): Despite a heavy loss to Atlantic Privateers, Bermuda’s rugby team earned respect from Canadian opponents after a tough match at Flora Duffy Stadium. Community: Touch-A-Truck at Bernard’s Park drew families in light rain, with kids exploring emergency and construction vehicles while supporting P.A.L.S. and Beyond Inclusion. Weather: Sunday starts cloudy and showery, then brightens, with a high near 24°C and a Small Craft Warning for Sunday night into Monday morning.

Bermuda Triangle: A Channel 5 documentary claims the mystery of missing ships off Bermuda may be explained by an underwater volcano and magnetite-rich rocks that can throw off compasses. Disability Act: In the House of Assembly, Minister Tineé Furbert says Bermuda needs stronger protections and a standalone Comprehensive Disability Act to remove barriers and tackle ongoing discrimination. Education row: Opposition Leader Ben Smith renews allegations of political interference after the Port Royal Primary School disciplinary matter, warning teachers feel unsupported. Housing push: Minister Zane DeSilva says 229 residential units are set to break ground in August, with $114.75m targeted over about 18 months. Airport safety: Bermuda Fire and Rescue commissioned four new crash tenders for LF Wade, replacing ageing vehicles. Business: Butterfield agreed to acquire CIBC Caribbean in a US$1.79b deal, aiming to create a regional banking group. Sports: Bermuda rugby closes its season today vs Atlantic Privateers; Tariq Simons starts at the Deloitte Open; Hurricanes back a third straight Smash title.

Tourism Spotlight: The Bermuda Tourism Authority launched its “9 People 9 Parishes” campaign, with Bermudians sharing parish-by-parish stories through short videos aimed at putting locals front and centre. Public Safety: Police say they’re stepping up presence after three firearms incidents, warning of more stop-and-search and traffic calming disruptions. Housing Push: Minister Zane DeSilva says 229 residential units are set to break ground in August, with $114.75m planned for the next 18 months. Airport Readiness: Four new Rosenbauer Panther crash tenders are now operational at LF Wade International Airport. Caricom Cost Clarity: Alexa Lightbourne told MPs Bermuda’s expected annual Caricom membership cost is $278,790, not the widely cited $2.28m maximum. Finance & Tech: Bermuda is cited in a New York Times tax-avoidance report, while Premier David Burt outlined legislation to allow stablecoin payments and digital public asset management. Business Deal: Butterfield’s acquisition of CIBC Caribbean’s majority stake is confirmed as part of a US$1.8bn transaction. Sports: SailGP’s Black Foils confirm a return in Halifax next month after the Auckland crash.

BMA Leadership: Bermuda Monetary Authority has named Mesheiah Keane as COO, aiming to strengthen its digitally driven supervision and resilience. Public Safety: Police Commissioner Darrin Simons says there will be a further stepping up of heightened presence after three confirmed firearms incidents, including more stop-and-search and traffic calming. Housing Push: Government plans to buy the Compass Point Building for $14.5m and also move ahead with affordable housing—229 units in the initial phase—plus planning applications for 48 new homes. Health Support: A new pilot hearing support programme will help adults in financial need with hearing assessments and devices via Age Concern. Demography Update: Bermuda’s Registry General reports births rose to 452 in 2025 (first increase since 2020) while deaths fell to 552. CARICOM Debate: Public consultation on Bermuda’s transition to full CARICOM membership runs until May 31, with a White Paper expected after feedback review. Regional Banking Deal: Butterfield has agreed to acquire CIBC Caribbean Bank in a $1.794bn transaction, expected to close in 1H 2027. Summer Life: Bermuda’s June calendar and “Marina Nights” highlight the island’s shift into outdoor social season.

Banking Deal: Butterfield Bank has agreed to buy CIBC Caribbean’s 91.7% stake in a landmark US$1.8 billion deal, paying about US$1.09b in cash plus US$703m in Butterfield shares, to create a regional banking and wealth-management platform with roughly US$29b in assets; the deal is expected to close in the first half of 2027, subject to approvals. Legal/Advisory: Carey Olsen Bermuda acted as joint lead counsel on the transaction, with partners Alexander Collis and Michelle Falcucci leading across 19 jurisdictions. Tech/Connectivity: Google’s Nuvem subsea cable has landed in South Carolina, with the system linking Portugal, the Azores, Bermuda, and the U.S., and a Bermuda landing station in Annie’s Bay under development. Politics/Consultation: Bermuda’s public consultation on full CARICOM membership ends Sunday, May 31, with feedback requested via togetherforcaricom.gov.bm. Parliament: The House of Assembly sits Friday, May 29, with items including pension changes and updates on housing and digital finance. Weather: Friday is expected to start wet and gloomy, then brighten, with highs near 25°C.

Banking Deal: Butterfield has agreed to buy CIBC Caribbean Bank for about $1.8 billion, paying $1.09bn cash plus $703m in Butterfield shares, aiming to build a bigger Caribbean banking and wealth platform with roughly $29bn in assets; the deal is expected to close in the first half of 2027. Nonprofit Sector: The Nonprofit Alliance of Bermuda will host a public screening of Uncharitable on June 4 at BUEI, sparking discussion on how nonprofits are funded and evaluated. Crime & Safety: Police say knife possession arrests over the Bermuda Day weekend are a “serious and growing concern,” with six arrests and 35 bladed-weapon arrests so far in 2026. Tech & Regulation: The Bermuda Monetary Authority has petitioned the Supreme Court to wind up Yew Tree Investments Ltd, citing insolvency and inability to pay creditors or return investor cash. Community & Culture: Rosewood Bermuda promoted Bermudian Esan Frederick to Resort Manager, and the Muslim community marked Eid al-Adha at Victoria Park. Sports: CG beat Spine & Sport 8-7 in overtime to level Bermuda Ball Hockey’s playoff final at 1-1.

Corporate & Finance: Bermuda-linked Borr Drilling priced a $2.035 billion senior notes deal, upsizing from earlier plans, and also increased the amount it can repurchase in its 2030 notes tender as part of refinancing and general corporate purposes. Governance Watch: Aegon says it has agreed with its largest shareholder Vereniging Aegon and is proposing US-style governance changes tied to a planned move of its legal seat to Delaware. Local Business & People: Deloitte Bermuda appointed Bermudian Katryn Smith as audit partner effective June 1, boosting leadership in its re/insurance audit work. Travel & Tourism: Norwegian Cruise Line will shorten Norwegian Breakaway’s Bermuda overnight call by one hour on June 18–19 due to onboard engine maintenance, with shore excursions adjusted or refunded. Community & Housing: The Ministry of Housing and Municipalities filed planning applications for 48 new homes across Sandys and St George’s. Sports: Bermudian sprinter David Morris set a new school and regional record in New York, while goalkeeper Milai Perott said he’s leaving Notts County after promotion. Weather: Small Craft Warning issued; expect sunny skies with showers developing and gusts potentially reaching gale force late.