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Press Release - BMA Announces Appointment Of New Chairman

July 20, 2021

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has announced that the Authority’s Deputy
Chairman, Mr. Donald Scott, has been appointed by the Minister of Finance (Minister) to serve as Chairman of the Board
with effect as of and from 1 October 2021. This will coincide with the departure of Mr. Jeremy Cox, Executive Chairman, on
30 September 2021.

With effect as of and from 1 October 2021, Mr. 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 (CEO).

Mr. Cox has served as the Authority’s Executive Chairman since 2019, and as its CEO since 2010. Reflecting on Mr. Cox’s
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.”

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