Craig Swan

Craig Swan

Director, Insurance Supervision

Craig Swan is a Certified General Accountant and a Fellow of the Institute of Chartered Secretaries and Administrators.

He earned his Masters of Business Administration from Heriot-Watt University, Edinburgh. Prior to joining the Bermuda Monetary Authority (BMA) Mr. Swan worked in the Insurance Division of the Bermuda Government as a Technical Officer in the late 1990s before taking a post as Controller and later Controller & Vice President, Strategic Information Services for Gallagher Bermuda from 2000 to 2006.

Mr. Swan joined the BMA in October 2006 as a member of the Insurance department’s compliance team with responsibility for on-site inspections of the island’s reinsurance companies. In May 2007, he was appointed to the position of Assistant Director, Sector Analysis, Insurance. He was charged with creating and managing the Sector Analysis team, whose remit included reviewing the insurance regulatory regime, advising on enhancements to the framework, ensuring consistency of Bermuda’s approach with international standards, and providing financial analytical support to the Insurance department. One of the team’s major projects included implementation and administration of the Bermuda Solvency Capital Requirement (BSCR), the Authority’s risk-based capital adequacy model.

In November 2007, Mr. Swan was appointed Deputy Director, and subsequently Director, Policy, Research and Risk, leading a number of the policy work streams in preparation for Solvency II equivalence initiative. In April 2012, he was appointed Director, Insurance Supervision. He is responsible for supervising Bermuda’s commercial insurers (Classes 4, 3B, 3A, C, D, E) and insurance groups. Functions of the Insurance Supervision department include: insurance analytics and technical support, actuarial services, restoration and run-off monitoring as well as conducting the Authority’s on-site assessments of commercial insurance companies.

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