November 2019
Bermuda:Re/insurance+ILS
BERMUDA’S RISK T 24 RANSFER HALL OF FAME
JEREMY COX
“Jeremy is a key figure in the Bermuda market for his
leadership of the BMA during a period when it has won
global recognition and respect.”
Jeremy Cox is the executive chair of the Bermuda Monetary
Authority (BMA), with overall responsibility for all supervisory
activities conducted by the BMA, including the supervision of banks,
trust companies, investment businesses, insurance companies and the
board of directors.
A native Bermudian, Cox earned his Certified Public Accountant
designation in 1995 and is an alumnus of Northeastern University in
Boston, where he graduated cum laude in 1989 with a BSc in finance
and insurance.
He began his career at Arthur Andersen Bermuda as a senior and
staff auditor. He subsequently joined the Registrar of Companies
within the Bermuda government, where he served as a technical
officer in the Insurance Division from 1993 to 1995, and was promoted
to the position of Inspector of Companies, a post he held until
1999. He was then appointed Registrar, where his responsibilities
included providing technical support to the Minister of Finance on
all insurance-related matters.
In 2002 Cox was appointed as executive director and supervisor of
insurance at the BMA, where he had responsibility for the overall
supervision of Bermuda’s insurance market, and he was promoted
to the position of deputy chief executive officer in 2008. Cox was
appointed CEO of the BMA on January 1, 2010, and began a threeyear
term as the executive chair on January 1, 2019, in the latter case
replacing Gerald Simons, who retired following nine years on the
board, including six as chair.
Cox has led the authority through market milestones—most notably,
its 2016 achievement of full equivalence with Europe’s Solvency II
insurance regulatory regime. The BMA marks its 50th anniversary
this year.
Natural leader
One reader who nominated Cox as a leader said: “Jeremy is the
epitome of an authentic leader. Throughout his time as Registrar
of Companies and his career at the BMA, he has led by example in
striking the right balance between well-respected regulatory oversight
and innovation.”
Another described him as being an “absolute legend” and said that
the world needs more people like him.
Cox received the fourth Fred Reiss Lifetime Achievement Award at
the annual Bermuda Captive Conference in June 2019.
The award, launched in 2016, is named in honour of Reiss, who
conceived the idea of “self-insurance” by which corporations could
manage their own risks through a dedicated subsidiary. Starting with
American steel companies, Reiss pursued the concept in Bermuda,
launching the first captive insurance company in 1962. The sector
recorded exponential growth over the next five decades, distinguishing
Bermuda as the world’s captive insurance leader and fuelling the
foundation of the Island’s entire insurance industry.
“Jeremy is a key figure in the Bermuda market for his leadership
of the BMA during a period when it has won global recognition and
respect,” said Captive Conference chair Mike Parrish.
“His contributions to the Island’s insurance industry and other
financial services sectors have demonstrated a commitment and vision
that not only helped the BMA become globally recognised but, as a
result, also strengthened the jurisdiction’s economic future.”
In June 2019 it was reported in the Bermudian media that the
process of finding a replacement for Cox had begun. ��