Bermuda Monetary Authority names new managing director

The  Bermuda Monetary Authority (BMA) has appointed a new managing director.

Ricardo Garcia will be responsible for the authority’s supervision of insurance, banking, trust, corporate services, investment and money service business regulated entities, including micro and macro-prudential supervision and surveillance, and anti-money laundering/anti-terrorism financing and conduct supervision.

Garcia joined the  BMA in 2013 and has held various positions, the latest of which was chief actuary, where he was responsible for providing actuarial advice throughout the organisation and to the wider Bermuda insurance market. He also contributes to the Authority’s international relations through his status as a Member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) and as Vice-Chair of the IAIS Policy Development Committee.

Prior to joining the authority, Garcia worked for Deloitte Consulting in New York City on actuarial, risk management and regulatory matters. Previously, he worked for the Portuguese Insurance and Pension Funds Supervisory Authority (PIPFSA) in several supervisory and actuarial roles. As a representative of the PIPFSA at the European Insurance and Occupational Pensions Authority, he worked extensively on constructing the Solvency II regime. Garcia began his career in internal audit at the Central Bank of Portugal.

BMA chief executive officer, Craig Swan (pictured) commented: “The Managing Director post resides at the intersection Bermuda’s range of financial services sectors, the  BMA’s strategy, its domestic supervisory approach and our international relations.

“Ricardo Garcia has the ideal fit of expertise and experience to bridge these areas. His contributions to the Authority and Bermuda’s high actuarial standards for nearly a 2 decade have entrenched him in the various sectors under the  BMA’s remit. During this time, he has led critical internal objectives—such as the  BMA’s sustainable funding framework.

“Regarding Mr. Garcia’s seat at the table internationally, his background as a key voice in Solvency II’s architecture and the seats he has earned at the highest levels of international standard-setters’ committees will be invaluable to him as he steps into this role and further facilitate the  BMA’s aim of setting and aligning with international best practices. We welcome Mr. Garcia into this role and appreciate his continued commitment to the  BMA and Bermuda’s financial services industry.”

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