The Bermuda Monetary Authority’s (BMA) board of directors have appointed Craig Swan as deputy chief executive officer of the authority, effective 01 January 2020.
The deputy CEO role was created as part of BMA’s preparations for when the executive chairman Jeremy Cox departs in 2021. On the departure of Cox, Swan will move to the CEO role.
Swan will be overseeing the authority’s supervisory activities of banks, insurance, trust companies, digital assets and investment businesses. He will also assist in the BMA’s ongoing planning and development, alongside sharing in the authority’s executive management and participating in key external initiatives or meetings with government and industry stakeholders, both domestically and internationally.
Swan joined BMA in 2006 and has held various positions in insurance, policy and risk with a recent position of managing director. Prior to joining the BMA, Swan worked as a controller and vice president, strategic information services for Arthur J. Gallagher, based in Bermuda.
Donald Scott, deputy chairman of the board of directors and chairman of the board’s human capital committee, said: “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.”
He continued: “Craig Swan met these criteria. As the role of deputy CEO is positioned as the successor to Jeremy Cox in his capacity as CEO, Swan will move to the CEO role at the time Cox leaves office in 2021.”
Commenting on the appointment, Cox said: “The BMA is pleased for Swan to step into the deputy CEO position. Swan has been a dedicated member of the authority’s executive team for the last 12 years.”
He added: “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. Swan’s promotion is proof we are an organisation that can successfully nurture and maximise the talent and skills we have within the authority.”
