BMA promotes Ricardo Garcia to Managing Director

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has announced the promotion of its Chief Actuary, Ricardo Garcia, to the role of Managing Director.

Garcia has worked at the BMA for more almost a decade and in his latest role at the regulator, he was responsible for providing actuarial advice throughout the organisation and to the wider Bermuda insurance and reinsurance marketplace.

In addition, Garcia has contributed to the BMA’s international relations, 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.

Now, as Managing Director at the BMA, Garcia will take on a range of responsibilities, including the BMA’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.

BMA Chief Executive Officer, Craig Swan commented on the news, “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 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.”

Before he joined the BMA, Garcia worked for Deloitte Consulting LLP, in New York City on actuarial, risk management and regulatory matters, prior to which he worked for the Portuguese Insurance and Pension Funds Supervisory Authority (PIPFSA) in a number of supervisory and actuarial roles, also contributing to the construction of the Solvency II regime.

The Bermuda Monetary Authority also recently promoted Shanna Lespere as its new permanent Deputy Chief Executive Officer (CEO).